Are you tired of paying rent? Has the fun of apartment living run its course?
If you’re ready to start the process to buy a house but are asking the question, “How does the home buying process work?”, you’ll want to do your homework before you get started.
Is there a best way to purchase a home? If there is, you’ll want to take advantage of it.
If you’re trying to buy a house in Arizona, you’ll want to read this guide. We’ll tell you what you need to know to get the keys to a new home faster.
Keys to a New Home the Quick Way
What is the easiest way to buy a home? In today’s culture, even the home buying process has sped up but that can be dangerous. If you want the process to be quick, do your preparation before you dive in. It’s too easy to get in over your head.
1. Save for Your Down Payment
Before you even begin to look at houses, put money away for a down payment. You have to be financially ready to make the biggest purchase of your life. The excitement of homeownership will quickly wear off if your home is a financial burden.
Try to save enough to put down 10-20% of the purchase price. 20% will keep you from having to buy private mortgage insurance (PMI) which will keep costs down for the mortgage.
2. Get Preapproved for a Mortgage
This again is part of the homework you should do before you begin looking around for a home.
Having a letter stating that a lender has reviewed and verified your financial information goes a long way in showing that you are a serious buyer. It also speeds up the process because the lender will submit the loan for preliminary underwriting before you even put in an offer on a home.
3. Hire a Competent Real Estate Agent
Having an agent that knows the process really well can make things move along quickly.
Interview different agents. Ask questions about their experience and knowledge about the local market. They should be able to tell you things like the best time to buy a home in Arizona. (Hint: It’s not the spring and summer.)
Check out Redfin stock estimate and learn how to pay lower real estate fees.
4. No Large Purchases While Waiting for Your Closing
Once you’ve put in an offer on a home and the process has begun, do not make any large purchases. Do not apply for any other loans or credit cards.
Any type of inquiries regarding your credit can slow down the process. Keeping your finances under control is a must when trying to secure a home loan.
Buying Your Dream Home
Now that you know the quickest way to secure the keys to a new home, you can get the process started. Did you find this article helpful?
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