So Go Ahead, Get Started On Your Home Purchase Today

Category: Finance, Real Estate.

Well, 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. Box 2000, Chester, PA. 19022, 800- 888- 4213, www. transunion. com. Equifax, P. Box 740256, Atlanta, GA. 30374, 877- 784- 2528, www. equifax. com. Experian, P. 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 may even consider ordering a three in one credit report to see what each credit bureau is reporting about you. You don t want any surprises when you complete your home loan application. 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. So, it s important to be proactive about getting your credit report first! That s right, get pre- approved for your home loan not pre- qualified, there s a big difference!

Basically, 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. 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. A pre- qualification doesn t have much clout, because you have not secured approval of your home loan from a lender. So, do your research and secure pre- approval of your home loan from a lender of your choice before you start shopping for your home! A pre- qualification is that you may qualify for a home loan. As you look for your home, you may want to choose a buyer s agent to represent you for your home purchase. That means that whatever offers you make or whatever you tell the sellers agent for the most part must be relayed to the seller.

Remember, the sellers agent represents the seller and not you the buyer! 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. So, consider getting your own buyer s agent that will represent your interests for the home you are trying to purchase. This would leave you with no room for further negotiations of the purchase price to the seller. Consider getting a buyer s agent that will split or get a portion of the real estate commission for the home sell with the sellers agent so you re not stuck paying a commission fee directly. In most cases, you will find that the terms of the contract for the purchase of the new home presented by the builder s agent, is one sided and may not protect your interest! If you re interested in purchasing a brand new home, it is recommended that you have your own buyer s agent representing your own interests and not the agent who represents the builder!

So, get an agent that will represent you for your new home purchase. Buying a home is probably the most expensive purchase you ll make in your lifetime. You will find that you may have a better peace of mind during the purchase of your home. It s also one of your bigger investments for your future. So go ahead, get started on your home purchase today! 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!