Our Real Estate Blog
54 Rochester Rd, Carver, MA 02330
If you’re ready to buy a home, you probably have done a lot of research. One thing is sure: You know you need to get pre-approved for a mortgage. It’s perhaps the most critical step in the process of buying a home for a variety of reasons. There’s down payments and debt-to-income ratios, and other financial issues to worry about. You need to know what type of mortgage you should get. To help you understand what kind of mortgage you need, you should get pre-approved.
Understand The Pre-Approval Process
There are many misconceptions about pre-approvals. First, buyers need to understand that there is a difference between a pre-qualification and a pre-approval. A pre-qualification merely scrapes the surface of your financial state, while a pre-approval goes through everything a mortgage company will need to grant you a loan. You may be pre-qualified for a much higher amount than you can actually afford, for example.
A pre-approval is a lender’s written commitment to a borrower. The approval states that the lender is willing to lend a certain amount of money for a home. The lender obtains the following from the buyer:
- Employment history
- Credit report
- Tax returns
- Bank statements
The time and effort that it takes to get a pre-approval is worth it because everything will be ready for the lender to grant the mortgage once an offer is made on a home. It also gives the buyer an upper hand in finding the home of their dreams. Many sellers require a pre-approval with an offer.
When To Get A Pre Approval
As soon as you know you’re serious about buying a home and are ready to start the house hunt, you should get pre-approved. Pre-approvals do expire after a certain amount of time, but lenders can renew them with proper notice.
The Importance Of The Pre-Approval
Many buyers feel that they can skip the pre-approval process altogether. It has many benefits. Besides giving you a better look at your finances and how much house you can afford, pre-approvals can:
- Give you the insight to correct your credit score and help you correct credit problems
- Help to avoid disappointment when you find a home you love
- Allow first-time buyers to see all of the costs involved in buying a home
A pre-approval is a handy thing to have, and it’s not just because the experts say it’s essential. Getting pre-approved for a mortgage can help you to be more on top of your finances going into one of the most significant purchases you'll ever make in your life.
Buying a home is a very detail-oriented process, and there's a lot of important things you can overlook if you're not organized.
Home buyers generally have the opportunity to do a last-minute inspection of the premises to make sure everything's up to standards prior to closing on the property.
A real estate buyer's agent can accompany you on the final inspection or provide you with advice on what to look for.
If you've already visited the home a couple times and had the house professionally inspected, you're probably well-acquainted with any major malfunctions, flaws, or repair issues. In many cases, home buyers may reach an agreement with the seller to fix, replace, or make allowances for mechanical or cosmetic problems. While real estate negotiations and sales agreements are as varied as the people and properties involved, there are typically dozens of things buyers need to check on before they sign the final documents and accept ownership of the property.
Final Walkthrough Tips
As you're doing the final walk-through of the house, it's necessary to remember or have notes on the condition of the home when you last looked at it. You'll also want to have a clear idea of what appliances, fixtures, and window treatments are supposed to be remain in the house after it's been vacated by the seller. Depending on how close your final walk-through is to the actual closing, that has probably already happened.
If there's anything missing that the seller agreed to include in the sale, then that's an issue you'll want to discuss with your real estate agent or attorney. Any property damage that may have resulted from moving furniture and other belongings should also be discussed before final papers are signed. The same thing would apply to landscaping changes that appear to be inconsistent with the sales agreement. Your buyer's agent and/or lawyer can serve as intermediary in getting these issues clarified and ironed out.
To make sure your final inspection is thorough, it's a good idea to have a "final walk-through checklist" to help keep you organized and focused. You'll want to take a last-minute inventory of items that are supposed to be included with the property sale, such as appliances, lighting fixtures, furnishings, window treatments, children's play structures, hot tubs, and anything else that was agreed to in the sales contract.
Other items you'll need access to may include garage door openers, manuals for appliances and mechanical systems, warranties, invoices for repairs made, and remote control devices for things like ceiling fans, alarms, and other systems.
Your checklist and final walkthrough should focus on a variety of items, including the working condition of appliances, the electrical system, plumbing fixtures, and the condition of walls, floors, ceilings, doors, windows, and landscaping features. For a complete checklist, look online or consult your real estate agent.
64 Club House Dr, Bourne, MA 02559
Moving into a new home can be a very exciting experience. From getting to know new people to starting a new job, it can all be a very enjoyable transition. However, there are some aspects of moving that many people don’t really enjoy. And the biggest factor of all is the money involved. From hiring movers to buying boxes, all of the expenses can add up very quickly. However, there are some tips and tricks if you want to save as much money as possible.
Donate Your Unused Goods
One tactic to save on moving costs involves getting rid of the things you never use. This strategy is especially useful if you’re hiring a moving company to help with the transition. While these professionals are typically paid by the hour, you’re going to want to downsize to prevent spending an arm and a leg for this service; the more stuff you have, the more money you'll have to fork over. Furthermore, the more belongings you bring, the bigger the truck you’ll have to rent. To save time and loads of money, do good for yourself and others by donating the items you don’t need.
Don’t Move During Peak Season
While this is sometimes out of your control due to a job or another reason, you should always try to move during the off-peak season. People tend to move from May until September, so try your best to schedule a move between October and April.
Do the Move Yourself
Many people decide to hire a moving company when they’re moving to a new home. However, this can cost thousands of dollars. If you want to save, consider renting a truck and moving everything yourself. While it may take a lot of time and energy, you can experience tons of savings. Try to find family members or friends that are willing to help, then you can have the whole process done quickly. Not only can this lead to a great deal of savings, but you can also get some quality time with loved ones and a solid workout in the meantime. However, if you have large items and are not comfortable moving them, utilize a professional service once you've reached your destination.
Rent a Moving Container
Another beneficial option is to rent a moving container. These still can be expensive, but it is far cheaper compared to hiring a moving company. In addition, these containers are becoming far more common nowadays, which has really dropped the price of this service. It’s best to choose a container if you have a larger time window for the move, and especially if you’re doing most of the work yourself.
Moving can be expensive and stressful, but by focusing on the tips mentioned above, you can save hundreds of dollars as you’re making this important life transition.