Brenda’s Mortgage News Provides Homebuyers with the Do’s and Don’ts of Searching for a Home
Brenda McCracken is a Mortgage Loan Originator with Stearns Lending reminding homebuyers that knowing what not to do when searching for a home is equally as important as knowing what to do to ensure that they get the home they want and that fits into their budget.
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“Buying a home needs to be a business decision first and foremost,” said Brenda McCracken of Stearns Lending. “People tend to get emotionally attached to a house when they are looking to buy which can cause them to make simple mistakes that can have a huge impact on their lifestyle and their budget. It’s important to consult with Mortgage Loan Originator that you trust to ensure that the home of your dreams is one that you can afford.”
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The tips below offer homebuyers a guide for the do’s and don’ts of searching for a home:
1. Do – select the right real estate professional.
As with any professional there are good ones and bad. Some more involved and engaged than others. Some that work for their client’s needs first and some that put other priorities first. Right now it’s a seller’s market so agents have lots of buyer looking for homes but don’t let that stop you from interviewing 3-4 to find the one that you connect with. The right real estate agent is worth their weight – a bad one will waste your time and energy.
2. Do- Research the neighborhood.
Location is key. Buyers should figure out what they are looking for, research and find a neighborhood that fits their wish list. Buyers should consider:
Does the neighborhood fit their lifestyle?
Will the location impact their commute?
How are the school systems? Even if they buyers do not currently have children having a good school district can raise property values?
Is the home near everything they want or need?
The neighborhood their home is in can either increase or decrease a home’s value.
3. Don’t- Fall in love at first sight.
Buyers should compare a home to other listings in the area to reduce the chances of overpaying or missing out on a great home nearby. While it is not necessary to visit every home in the neighborhood, compare at least four different homes before making a decision to ensure an educated and informed buying decision.
4. Do- Buy a home based on long-term needs
The average buyer lives in the same home for about nine years, so it's very important to think about long-term needs when buying a home. Buyers should focus on the floor plan and the square footage to decide if a home is suitable for any surprises the future may bring.
5. Don’t- Buy without a home inspection.
Even if the house looks flawless do not make the mistake of buying a home without a professional inspection. All homes, even new ones, have flaws and defects and the whole truth is not always disclosed to potential buyers. Home inspectors can look past a fresh coat of paint to find costly underlying problems. Make sure to choose an experienced professional – it may cost more now but it can save time, money and house-induced headaches in the future.
5. Do- Get pre-approved before you start searching!
Before starting a home search, buyers should narrow down price ranges by getting pre-approved and working with a mortgage specialist that they trust. A mortgage professional will review a buyer’s credit, income, assets and debts, and recommend a mortgage with monthly payments that fits their budget. Buyers should be prepared for the additional costs associated with homeownership, which includes insurance, property taxes, utilities, and maintenance. With those expenses in mind buyers may want to scale back the size of the home they looking for in order to meet their budget.
For information or to speak with Brenda (NMLS #1042557) please visit brendamccracken.com or call (707) 322-9481.
About Stearns Lending
ECOA. Stearns Lending, Inc. is a California corporation headquartered at 4 Hutton Centre Drive, 10th Floor, Santa Ana, California 92707. (800) 350-LEND (5363) Company NMLS# 1854. Licensed
by the Department of Business Oversight under the California Residential Mortgage Lending Act (RMLA license #4130495); This information is accurate as of February 27, 2014. ©2014
Stearns Lending, Inc. All Rights Reserved. SHL213_020414
