Home buying is an emotional process! It doesn’t matter if it’s your first home or your third home, each transaction has its own set of ups and downs. Merely shopping for your dream home can fill you with emotions you’ve never once felt before. The one and only way to combat this emotional roller coaster is to educate yourself and be prepared.
FAQs Before You begin the Home Buying Process
Should I meet with a lender before looking at homes?
Absolutely! There’s nothing more comforting than knowing exactly what you can afford before looking at homes. A lender will take all of your debt and income into consideration in order to calculate exactly what you can afford before giving you a pre-approval letter. Also, some homeowners will not allow you to view their home unless the potential homebuyer has a pre-approval letter in hand (this prevents looky-loos). A mortgage professional can discuss the exact costs associated with purchasing a home including your down payment, pre-paid items, closing costs, and escrow fees.
Here at the Snyder Group, we work directly with All Western Mortgage where a full line of loan products is available to homebuyers such as low down payment options, conventional loans, FHA and VA, Jumbo and High Rise loans. They strive to get their clients into the right mortgage product and charge minimal fees.
Should I buy or keep renting?
Real estate provided the best return over stocks, bonds, gold, and silver in 2015. That being said, renting may still be a better option for some, depending on the circumstances. Although interest rates are not at record lows, they continue to be near record lows. So, a person can actually own for less than they can rent. However, due to the costs associated with purchasing a home (mentioned above), some people are simply not ready to buy. Also, owning a home comes with its own set of responsibilities and costs that aren’t associated with renting like upkeep and general home maintenance. Are you ready for that commitment?
Do I really need a REALTOR?
Yes! and here’s why:
• Real estate is a tricky business and you need a true real estate professional to help guide you through it.
• You need a skilled negotiator. A talented agent could potentially save you thousands of dollars.
• You get what you pay for. A good agent will save you money instead of costing money.
Who pays the REALTOR fees when home buying?
There are no guarantees but in almost all cases, the seller pays your Realtor’s commission.
You undoubtedly have more questions and not to fear! We venture into part two of our series next month. If you can’t wait, call us! Our team is the market leader in the Las Vegas valley and can answer any potential question… and there are no dumb questions when it comes to home buying.
If you’re ready to start shopping for your dream home, click here.