Have you been planning on purchasing a home and ready to begin the process? Here are a few steps to get you prepared for a successful purchase experience.
The first thing you should do before you shop for your new home is to get a copy of your credit report and credit score! You can obtain a copy of your credit report and score from one or all of the three credit bureaus:
- TransUnion, P.O. Box 2000, Chester, PA. 19022,800-888-4213,www.transunion.com
- Equifax, P.O. Box 740256, Atlanta, GA. 30374, 877-784-2528 ,www.equifax.com
- Experian, P.O. Box 2104, Allen, TX. 75013, 888-397-3742 ,www.experian.com
You’ll want to review your credit report for any potential problems that will need to be cleared up before you start shopping for your home. You don’t want any surprises when you complete your home loan application. So, it’s important to be proactive about getting your credit report first!
After you have secured your credit report, the next step for you to consider when preparing to purchase a home is to get pre-approved for your home loan. That’s right, get pre-approved for your home loan not pre-qualified, there’s a big difference! Getting pre-approved for your home loan means that you have obtained approval from your chosen lender to pay a certain amount for the home you are about to purchase.
Pre-approval means you already have your money for your home purchase and have the ability to negotiate a better deal with the seller because you have the funds to purchase quickly. Pre-qualification does not have much clout because you have not secured approval of your home loan from a lender. Pre-qualification means that you may qualify for a home loan. Do your research and secure pre-approval of your home loan from a lender of your choice before you start shopping for your home!
As you look for your home, Blue Sky Real Estate will be able to represent you throughout your home purchase process, as the Buyer’s agent. Remember, the sellers agent represents the seller and not you the buyer! That means that whatever offers you make or whatever you tell the sellers agent, for the most part, must be relayed to the seller. For example, if you tell the sellers agent that you could pay up to $200,000 for a particular property but relay a bid of $180,000 directly to the agent for the seller, the agent usually has a duty to tell the seller that you would pay up to $200,000 for their property. This would leave you with no room for further negotiations on the purchase price to the seller. Whereas, Blue Sky Real Estate will represent your interests for the home you are trying to purchase. You will find that you may have a better peace of mind during the purchase of your home.
Buying a home is probably the most expensive purchase you’ll make in your lifetime. It’s also one of your bigger investments for your future. So, it’s important that you do your research before you buy and take precautions that will make your home purchase easy going, less stressful and carefree! So go ahead, call Blue Sky Real Estate, and let’s get started with your home purchase today!