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The Top 5 Secrets to Shopping for a New Home

July 1, 2019

Home Buying Secret #1: Keep Your Money Where It Is

It’s not wise to make any huge purchases or move your money before buying a new home. Don’t take any big chances with your credit score.  Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, accumulate too much debt or but big ticket items, you’re going to have a hard time getting a loan.  Same goes for spending money after your loan is approved and before you close on your new home.  Lenders will recheck your credit right before closing.  It is always tempting to go buy new furniture or decorating items.  Just say NO to spending money before closing!

Home Buying Secret #2: Get Pre-Approved for Your Home Loan

There is a difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage.  Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can't afford. It also gives you the opportunity to shop around for the best deal and the best interest rates with the best mortgage lenders who regularly do business with Grant homebuyers.

Home Buying Secret # 3: Don’t Miss Out Waiting on the Perfect Time to Buy

Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible. The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.

Home Buying Secret #4: Check Out the Neighborhood

Before you buy, get to know the neighborhood. Drive by the house at all hours of the day to see what’s happening in the neighborhood.   Find out how far it is to the nearest grocery store, medical facilities and other services. Even if you don’t have kids, research the schools because it affects the value of your home in a very big way. If you buy a house in a good school, the value of your home can be affected greatly

And, last but not least…..

Home Buying Secret #5: You’re Buying a House – Not Dating It

Buying a house based on emotions is just going to break your heart. If you fall in love with something, you might end up making some pretty bad financial decisions. There’s a big difference between your emotions and your instincts. Going with your instincts means that you recognize that you’re getting a great house for a good value. Going with your emotions is being obsessed with the paint color or the backyard. It’s an investment, so stay calm and make wise decisions.  You can be emotional when the house becomes your HOME!