Things to do in Washington DC: Stop Paying Someone Else's Mortgage

Paying rent is like pouring money down the drain.  But it's true, buying a home can be a hair raising experience.  It can be a roller coaster of emotions....finding the right place....securing the loan....moving in.  And if you're like most of us, your home will be your largest investment.  The emotions over such a large and personal purchase can often cloud good business judgement.

Many home buyers do very little research before "diving in" and investing their hard earned money.  Before doing that it makes sense to be informed as possible.  That's what this report is all about.  It is designed to help you avoid 10 common, critical mistakes many home buyers make.  If you follow these 10 suggestions, with the help of the right real estate professional, you will stop paying rent and make a good, sound business decision that you will be happy and proud of for years to come.

1.  Inspect, Inspect, Inspect- Go over the inspection report with a fine tooth comb.  Make sure the report was done by a professional organization.  For condo purchases, go over the by-laws, and association fees.  Don't take anything for granted....inspect everything.

2.  Imagine the property vacant- Your furnishings and decorations will be the ones filling the new residence.  Don't be swayed by beautiful furniture...it leaves with the owner.

3.  Income Plus Lifestyle Equals Mortgage Payment-  Sit down with a competent real estate professional and honestly discuss your income level and living expenses.  Take into account
future considerations like: children, add ons, amenities or fix ups.  Your dream home is worth a sacrifice, but don't mortgage your future.

4.  View Several Homes-  See at least 3-5 homes.  don't move on the first property you see but... don't move too slowly either.  with your agent's help, you will be able to view enough properties to get a good overall perspective of your market.  And when you find the right properety, all the legwork will be done.

5.  Utilize Your Team- By aligning yourself with the right real estate professional, you will have an entire team working for you.  Top real estate professionals have lenders, title reps, inspection teams-an entire group of trained professionals making the whole buying process simple and easy for you.

6.  Negotiate A Flexible Loan- Don't just accept the terms they lay down in front of you./  Lenders are in the business of lending money, and they want your business.  Make sure you examine every option available to you.  Then make sure you understand if the options you examined are available to you in the package you are looking at.

7.  Don't Give Up On The First No- Initial decisions are not always final decisions.  going to a higher authority can sometimes get you the loan, but do so with the compliance of your agent and loan officer.  Many times special circumstances, when explained properly to the person in charge will get you the loan.

8.  Don't Wait For The Bottom of The Market- The odds of you hitting the bottom of the market are about the same as you hitting the state lotto.  you will almost never hit the bottom of the market.  And trying to time it exactly right will often be costly.  It usually causes a person or family to miss out on a very nice home.  You're better off negotiating the best rate and terms youu can at the time you finde the prop4erty.  If interest rates go down, you can refinance.   this is a better approach because you won't miss out on the property you have spent so much time finding.

9.  Be Honest With Your Lender- Your lender wants to help you with your loan.  the only time they get paid is when you get approved.  The more information {good or bad} you provide your lender, the easier it will be for them to get you approved.  It helps them present the loan in the right light.  This in turn helps the loan get the highest approval rating.

10.  Become Completely Educated-  Pick your lender's brain.  Lender's will teach you all about various options, even if you haven't found the right property yet.  they will be very patient with you while you are looking. especially if you have aligned yourself with the right agent.  They understand all the upfront work will pay off in future business. 

11.  Get Prequalified- Lenders will provide you with a certificate of prequalification.  By getting prequalified, you know exactly what financial perameters to stay within.  Your agent and lender will consult with you and help you get qualified for the loan that best fits your needs.  Many times, they are able to get you a larger loan than you thought possible.

Getting approved for a loan is often times much easier than you think.  I sincerely hope this brief report has been a help to you.  If you would like a free no obligation consultation, call my office


                                                                        PAT YOEST
                                                    CENTURY 21 AADVANTAGE GOLD
                                                                PHONE 702-521-1442
                                                                FAX 702-719-2121
                                                                
Get the facts about rent vs home ownership email me at pyoestc21@aol.com and I will send you complete details.