When you have finally decided to purchase your first home, the feeling is very exciting. However, things move to the exact opposite direction when you finally get started on the home purchasing process. There are different Arizona home buying programs that can help you accelerate the journey to homeownership.
Are you buying a home in Arizona? The process does not have to be pain taking. From the moment you start applying for the St George home loan to closing the deal, there are important secrets you should have at the back of your mind.
In this post, we educate you on seven critical secrets no one will tell you when it comes to Arizona home buying. The object is to ensure that you are ready for the Arizona home buying programs. Without further ado, let us get started.
Secret#1: Get the lay of the land
Walk around during the day and even at night hours. This can be at least three times a day, to get a feeling of what the new neighborhood is going to be like. Do not even try applying for the St George home loan before you have time to stalk the neighborhood.
Many homebuyers have made this mistake, and ended up stressed after moving into their new home. Eventually, they go back into the process of listing the house for sale, while looking to purchase a new property in a different neighborhood. Responsible real estate agents will warn you to stalk the neighborhood before spending a cent on the buying process. There are several things to consider when you are stalking the neighborhood. For instance, you want to know if there is traffic on the roads, and the hours when the traffic is stuck. You also want to know whether the important facilities are located around the neighborhood. This includes schools for your children, hospitals in case you are living with the elderly, and family friendly entertainment spots
Secret#2: know how much you can afford before beginning the home search process
Do not start home searching before you have an idea of the amount you can afford for a new home. Apply for a prequalification so that you have a guide on the property type that you can comfortably repay.
Secret#3: Do not over trust the sales person
It is always advisable to do a background search when working with sales people. They are out to earn a commission and they will do whatever it takes to build their monthly paycheck. Therefore, make sure that your decisions are not 100% informed by what they tell you. Rather, make sure you have done a background check of the facts.
Secret#4: There could be a cheaper home loan. Shop Around
Many people think that they cannot get a cheaper loan than what their current banker is offering. You have not found the best mortgage lenders in Utah until you find the cheapest. Keep searching around, and comparing the loan products plus the interest rates offered by the different Arizona home buying programs. Until you have found the cheapest St George home loan, do not give up on shopping for a mortgage.
Secret#5: Do not take new credit
This is where most people drop the ball when it comes to applying for Arizona home buying loans. You do not want to get a regret notice when applying for the St George home loan products. Even if the lender has already given you the prequalification certificate, keep the money where it is.
Secret#6: Focus on growing your savings account
The savings is the amount that you are going to use as the down payment for your mortgage. When applying for a loan prequalification, the lenders will also look at your savings habit to decide whether to extend the loan or not. If you have a high savings account balance, your chances of qualifying for a home loan are still very high. Therefore, do not touch the savings in your account yet. Instead, come up with a savings strategy, so that you can grow that balance to a higher amount. Always set a target, which can be weekly target, monthly target or quarterly target.
Secret#7: The choice of real estate agent matters
Homebuyers think that hiring a real estate agent when purchasing a house does not help in any way. In fact, they hold the notion that real estate agents are there to earn a commission, and so they are another liability in your home buying process. Instead, see the real estate agents as the helper who is supposed to negotiate on your behalf, and advise you when selecting the mortgage lenders.
Therefore, with the secrets that we have discussed, you are in a better position to find a home and a home loan that you can afford to repay. Keep the tips in your fingertips always, when purchasing a new home.
