Finance Update

The Things I Wasn’t Prepared for When I Purchased My Home

buy a home</a>. You dream about it for so long and work so hard until the big day finally arrives. It’s so exciting.” data-reactid=”15″ type=”text”>It’s a major life achievement to buy a home. You dream about it for so long and work so hard until the big day finally arrives. It’s so exciting.

challenges along the way</a> we were not prepared for. We thought that we were equipped with the information and tools that we needed — but, boy, were we in for a big surprise.” data-reactid=”16″ type=”text”>My husband, Keith, and I recently purchased a new home. While it was exciting, there were many challenges along the way we were not prepared for. We thought that we were equipped with the information and tools that we needed — but, boy, were we in for a big surprise.

<strong>Read More: <a href="https://www.gobankingrates.com/saving-money/home/cost-of-living-by-state/?utm_campaign=664101&amp;utm_source=yahoo.com&amp;utm_content=3" rel="nofollow noopener" target="_blank">From Alabama to Wyoming: The Cost of Living Across America</a></strong></em>” data-reactid=”17″ type=”text”>Read More: From Alabama to Wyoming: The Cost of Living Across America

Know Your Listing Agent

the buying process</a>.” data-reactid=”19″ type=”text”>This is one of the most important criteria when purchasing a home. All realtors are not created equal. Find a listing agent that will meet your family’s needs and will work for you. This person should be your advocate and supporter along your journey. Our real estate agent was fantastic and let us know about every detail of the buying process.

It is also important to note that there is going to be a lot of frustration in the home-buying process. Oh, and did I mention tears? During our adventure, we put offers in on several houses and got shot down. Be prepared for an emotional roller-coaster and loss along the way, and choose a realtor that will be there to pick you up and keep you going.

<strong>Check Out:&nbsp;<a href="https://www.gobankingrates.com/investing/real-estate/states-can-buy-largest-home-300k/?utm_campaign=664101&amp;utm_source=yahoo.com&amp;utm_content=5" rel="nofollow noopener" target="_blank">Study Finds the States Where You Can Buy the Largest Home for $300K</a></strong></em>” data-reactid=”28″ type=”text”>Check Out: Study Finds the States Where You Can Buy the Largest Home for $300K

Select a Trusted Lender

lower rate</a> and ideal program. It was better than us approaching the banks ourselves through their retail channels.” data-reactid=”30″ type=”text”>Make sure that you do your homework if you are securing a loan for your home. Don’t think that you need to go through a national lender to get the best deal. In doing our research, we found that the best deal was actually working with a local lending agent who would save us a lot of time and money while also making the process much easier. They dealt with larger banks and had the contacts, negotiating power and process in place to get us a lower rate and ideal program. It was better than us approaching the banks ourselves through their retail channels.

mortgage process</a> is basically handled by a call center. This makes turnaround times quite lengthy, and you feel like you’re starting over every time you call. You also need rapid responses when putting offer letters together, and local lenders can have updated and edited approval letters usually in minutes.” data-reactid=”38″ type=”text”>As you go through the process, you’ll want someone local who will take your calls and respond to your emails in a rapid fashion. When you’re buying a house, time is of the essence in making an offer. We discovered that working with the retail side of the large banks is often bureaucratic. You won’t have a direct contact and your mortgage process is basically handled by a call center. This makes turnaround times quite lengthy, and you feel like you’re starting over every time you call. You also need rapid responses when putting offer letters together, and local lenders can have updated and edited approval letters usually in minutes.

Source

Prakash Poojary
Business Analyst

Leave a Reply