Here are 3 tips to help you navigate the home buying process successfully;

Tip 1:  Become a “cash” buyer to the seller

Home sellers (and realtors) have been burned too often by accepting offers from home buyers with “pre-approved” mortgages only to find out later in the process that the buyer is unable to secure a final loan approval from their lender.

• The Cause: busy loan originators tend to hand out pre-approvals to their clients based on  minimal data and without completing a thorough review of their qualifications.
• The Solution: insist on receiving a Full Loan Approval from your lender, which is a pre-purchase underwriting review of your qualifications by the lender’s decision make – not the loan originator.

A Full Approval shows you, the seller and the realtor that you are a serious buyer that can close quickly!

Tip 2:  Stay committed to the process

If you were about to go car shopping for a red Toyota and decided to put it off for a few weeks, chances are you will find a red Toyota another day.  However, with home buying that is often not the case.  A home that is priced correctly and fits many of your needs may only present itself for a brief period of time.

• The Cause – In today’s competitive market, it is very common to see 4-5 bids on a home that is priced correctly.
• The Solution – Stayed focused and trust in your home buying team. If you selected the right realtor and lender, they can help you move quickly and successfully toward winning the bid!

Tip 3:  Choose your home buying team wisely

Not all lenders and realtors are alike.  Seek out the individuals that are willing to guide you through the home buying process and have your best interest in mind.

• The Cause – Home buyers tend to skip this critical step in the home buying process rushing to find the right home.
• The Solution – Take time upfront to place the right lending partner and realtor on your home buying team.  This could save you a great deal of time and money along the way.

As a mortgage banker, home educator, and author of the award winning book, “Insider Secrets to Home Buying Success”, my team and I have helped thousands of individuals and families find home buying success.

If you would like to discuss the home buying process and your qualifications in greater detail, simple call or email me today.

Best of luck with your home search!

-Joe

About the Author

Joseph Farella –  Industry expert, award winning author, and Executive Vice President for American United Mortgage Corporation.  Mr. Farella has guided thousands of home buyers and homeowners throughout the years.  He is also the keynote speaker for Homeownership Now, New Jersey’s longest running educational event for first-time homebuyers.

Looking for expert advice – Joe and his team welcome the opportunity to be of service and are available to answer your questions at 908.322.5423, or by email at joe@americanunited.com.