Financing Information for Buying Pullman Real Estate
Where do you start when you think you want to buy? Is this even a good time to be purchasing Pullman real estate? How much can you really afford?
All these questions can be for first time home buyers or those that haven't purchased a lot of real estate. But even if this is your tenth time buying a home, it helps to stay on top of the market, the economy and your own finances to know whether now is a good time to buy.
First thing you will want to do is obtain a pre-approval letter. This is not required but is a vital part of the process. This starts the application process of a loan and it lets sellers know you are serious in buying real estate. It tells them you have already done the homework and know you can actually afford the Pullman property you are presenting an offer on.
This pre-approval letter comes from your lender. They will sit down with you and go over all your finances. If you cannot purchase a home right now, they will tell you and a good lender will give you a time line to be working towards to meet your goals. If you need to raise your credit score, they can inform you of ways to do that and give you short time goals to do that also.
Remember, buying a home is not only the mortgage payment. There are other costs involved.
- Home owners insurance
- Mortage insurance if applicable
- Property Taxes
- Home owners dues if applicable
Be sure to include these in your calculations on how much you can afford. Just because a lender approved you for a certain amount does not mean you must make that your max and search out a home around that amount. This is the trouble a lot of people got into in the last couple years. They were told they could buy a home that was really more then they could afford. Lenders were using tactics to fit buyers into mortgage loans they couldn't afford if the rates went up. This is called preditory lending and you still need to be on the look out for it. Make sure you understand everything in your loan documents and if a lender will not help you to decipher the sometimes legal jargon, maybe you shouldn't go with them. You should feel comfortable with your lender and shop around for the loan that fits you.
With your finances in order, its time to seek out the help of a buyer's agent to assist you in buying a home. Contact one of our agents and they can start you on your road to homeownership in the Pullman real estate area.
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