First Home Buying Checklist Concerns
June 14, 2019
Buying your first home is complicated. There are many areas to pay attention to even in the earliest planning stages of your mortgage loan application. Before you commit to buying real estate, it is a very good idea to make a checklist of areas you need to address and follow up on that checklist often.
There are many things you will need in the planning stages, but don’t forget to include some of these on your list.
Real Estate Concerns
It is a very good idea to make a checklist of areas to inspect when you look at a house you might want to buy.
With or without your realtor, you should be looking for evidence that the home is in good repair. If you spot pooling water in the basement, evidence of leaks in the roof (stained walls, warping wood, rot, mildew or mold smells, etc.) you should at a minimum ask the seller what those areas are about and why.
Your own personal walkthrough of a home isn’t enough-you will need to hire a home inspector to review any property you are serious enough about to want to make an offer. The agreement you make with the seller should be contingent on the results of the home inspection.
Realtor Concerns
If you choose to work with a real estate agent, you will want to communicate to them your specific needs for the home, which can include things that go above and beyond the basic layout of the home, preferred number of bedrooms, amenities, etc.
How close to a public school is the home and do you need to make that a consideration? Is the property far away from main local roads, or is it in a prime location? What kind of environmental factors are in the area? Is the neighborhood prone to flooding, or is it close to an airport? These issues are important to list out ahead of time.
Lender Concerns
There are many questions to ask your lender; which types of FHA loans do they offer? If you are in the market for a mobile home, condo loan, or an FHA construction loan, be sure to ask if the lender supports these loan products; not all do.
Your participating FHA lender may offer some FHA mortgages based on demand and popularity and not offer others for the same reasons. Not all FHA lenders offer all FHA loan options so you will need to rule out those who aren’t able to help you get the right loan for the right property.
You should also compare lenders to see which ones offer the most competitive rates and terms-not all FHA loans have identical interest rates or other options. In general it is best to shop around for an FHA mortgage for this reason.
Remember that once you begin the house hunting process in earnest, you should seriously consider getting pre-qualified for an FHA home loan; pre-qualification can help you learn how much loan you can realistically afford, the size of the property you are most able to afford, and other important factors.
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RELATED VIDEOS:
Keep Your Eyes on Your Loan Balance
Learn About FHA Loan Prepayments
Taking Out a Home Loan Makes You a Borrower
There are many things you will need in the planning stages, but don’t forget to include some of these on your list.
Real Estate Concerns
It is a very good idea to make a checklist of areas to inspect when you look at a house you might want to buy.
With or without your realtor, you should be looking for evidence that the home is in good repair. If you spot pooling water in the basement, evidence of leaks in the roof (stained walls, warping wood, rot, mildew or mold smells, etc.) you should at a minimum ask the seller what those areas are about and why.
Your own personal walkthrough of a home isn’t enough-you will need to hire a home inspector to review any property you are serious enough about to want to make an offer. The agreement you make with the seller should be contingent on the results of the home inspection.
Realtor Concerns
If you choose to work with a real estate agent, you will want to communicate to them your specific needs for the home, which can include things that go above and beyond the basic layout of the home, preferred number of bedrooms, amenities, etc.
How close to a public school is the home and do you need to make that a consideration? Is the property far away from main local roads, or is it in a prime location? What kind of environmental factors are in the area? Is the neighborhood prone to flooding, or is it close to an airport? These issues are important to list out ahead of time.
Lender Concerns
There are many questions to ask your lender; which types of FHA loans do they offer? If you are in the market for a mobile home, condo loan, or an FHA construction loan, be sure to ask if the lender supports these loan products; not all do.
Your participating FHA lender may offer some FHA mortgages based on demand and popularity and not offer others for the same reasons. Not all FHA lenders offer all FHA loan options so you will need to rule out those who aren’t able to help you get the right loan for the right property.
You should also compare lenders to see which ones offer the most competitive rates and terms-not all FHA loans have identical interest rates or other options. In general it is best to shop around for an FHA mortgage for this reason.
Remember that once you begin the house hunting process in earnest, you should seriously consider getting pre-qualified for an FHA home loan; pre-qualification can help you learn how much loan you can realistically afford, the size of the property you are most able to afford, and other important factors.
------------------------------
RELATED VIDEOS:
Keep Your Eyes on Your Loan Balance
Learn About FHA Loan Prepayments
Taking Out a Home Loan Makes You a Borrower
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