Finding a Home
Why You Should Work with a Real Estate Agent
When it comes time to actually purchase a home, working with a real estate agent can make a huge difference. A buyers agent will take the time to help you find the right home and place you on the path of homeownership.
your agent will help you find the right house. Agents have access to the MLS database, which means they know what homes are on the market, what features they have, and what they're listed for.
Making an Offer
When you're ready to make an offer, your real estate agent can help you get in touch with the seller and submit the offer in writing. Realtors usually have a variety of standard forms (including Residential Purchase Agreements) kept up to date with the changing laws.
Once your offer has been accepted, closing the loan involves three stages: the home inspection, the appraisal and underwriting. Knowing how these pieces work together can help you prepare to close your loan.
Preparing to Close
What You Can Do to Ensure Your Loan Closes
Real estate closings can be fraught with complications and setbacks, but they can go smoothly and quickly if planned for carefully. The biggest thing you can do to make sure you don't run into problems is to avoid any major financial changes or spending. Don't apply for new credit lines or loans, and don't make purchases that will deplete your assets. You can do these things after your loan closes. Taking on new debt changes your debt-to-income ratio (DTI), a key factor in determining the loan amount you can get approved for.
