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7 Steps for Home Buying Success

7 Steps for Home Buying Success. 0

Buying a home is a complex and expensive process, but having the right guidance makes all the difference! If you are thinking of becoming a homeowner this year, these 7 steps will help you!

1. Educate yourself with home buying information from the National Association of Exclusive Buyer Agents. Since our members serve home buyers, and only home buyers, our website and blog are designed with the home buyer in mind. You won’t find a better, more objective source of home buying information on the web!

2. Obtain a mortgage pre-approval. A mortgage pre-approval considers your income, employment, credit history, debts and overall ability to afford a home. Once your lender has determined your mortgage eligibility, you’ll be issued a pre-approval letter. Copies of this letter can be supplied with your home purchase offer to prove you’re a qualified buyer.

3. Keep your credit in good shape. Avoid opening or closing any lines of credit. Any changes to your employment, income or debt obligations can affect your mortgage approval.

4. Choose an Exclusive Buyer Agent, and the other professionals you’ll need. Only an Exclusive Buyer Agent gives you dedicated buyer representation that protects your interests! Your Exclusive Buyer Agent can also refer you to trustworthy home inspectors, insurance agents, home service professionals and contractors.

5. Decide the home features you need, and your preferred locations. Before you begin your home search, decide on the home features and amenities that you require. Also decide what school districts and neighborhoods best meet your needs. Target your home search according to these factors and your budget.

6. Make a strategic offer on the home you like. Your EBA will help you make a strategic offer that considers market trends and the home condition, while getting you the best possible price and terms. Your EBA will also include important contingencies that protect you!

7. Promptly follow up with your lender, and provide any needed documentation. Once your offer is accepted, several things go into motion! Your lender may require updated documentation for your mortgage approval. You will need to order your home inspection, and obtain homeowner’s insurance coverage effective as of the closing date. Your lender will order an appraisal on the home. The closing timeline may vary, so be sure to stay in contact with your EBA!

Your Exclusive Buyer Agent will guide you through the entire home buying process! Find an EBA in your area today!