Buying a home can seem complex and often confusing business. These are four aspects of the process buyers wish they had better understood before hey purchased their homes.
- Home-Financing Options: Unfortunately for many buyers, it’s not until after they’ve purchased that they realize how little they knew about financing, from conventional fixed – and adjustable-rate mortgages, to government programs, to alternatives like seller financing, there are more options than you might think. Before you commit to anything, work with your mortgage representative to discuss the options that fit best with your financial situation and long-term plans.
- Apply for a Mortgage Loan: A lack of knowledge about the difference between pre-approval and pre-qualification, what information and documentation they needed to satisfy, and what they shouldn’t have done when applying for a loan has unnecessarily slowed down the home-buying process for many an inadequately informed buyer.
- Closing Costs: There’s a lot to pay for in addition to a property’s purchase price, including legal fees, property taxes, title insurance and homeowner’s insurance. Buyers often find themselves caught by surprise at the last minute, scrambling to come up with the required funds or even unable to complete the transaction.
- How Long it can Take: A lot of buyers believed it would take them less time to navigate their way through the home-buying process than it actually did. Finding just the right home takes time; once the hunt is over, buyers still need to be patient as they go from having their offer accepted to sealing the deal by signing those closing documents.