So ensure the buying process runs smoothly, early decision-making is key. Think over your needs, hopes and dreams. Consider your lifestyle and what you must have verses what you could do without. Create a prioritized list of the specific things you are looking for will become the cornerstone of your home search.
Once you have determined what type of home you are looking for, price range is the next question to answer. Finding your price range is crucial in avoiding wasted time on homes that are not the right fit.
Buying and Selling at the same time can be hard. What if you're unable to perfectly time the sale of one house with the purchase of another? You may own no houses for a time, in which case you'll need money in the bank and a temporary place to live. Or you may own two houses at once. Another option is a no-ratio mortgage. A no-ratio mortgage is usually made based on the buyer's down payment, credit scores or assets. Income isn't used or reported, and therefore will not exclude a borrower from receiving this mortgage.
As purchasing a home is one of the largest investments you will make in your lifetime, you want to be sure that you are hiring the right team of people for the job. “You want to have someone who is experienced and is knowledgeable. Knowledge is power. Everybody knows that." – Broker Barbara Sancilardi
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Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs.
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