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How to Survive the Process of Buying Your First Home?

In an ideal world, buying a house should be the easiest thing in the world and never is there an angry word between buyer and seller, or any issues at any point in the process. 

However, in the real world, there are a myriad of potential pitfalls that can befall a homebuyer, especially if you are buying a house for the first time. With this in mind, continue reading to learn how to survive the process of buying your first home. 

Only Use Professional & Reputable Companies 

Reputable and professional people are the only way you can ensure that matters of legality are entirely covered every step of the way when purchasing your first home. Moreover, established mortgage lenders and realtors will be able to guide you through the entire mortgage process and keep you updated on each step of the house-buying process. 

When it comes to choosing the right realtor for you, you should enquire as to their resume and their previous experience, especially in the types of houses or apartments you intend on focusing your search around. Furthermore, it would also be helpful to ask potential real estate agents on your list for client referrals and ask them how they intend to find the perfect home for you. 

Work on Increasing Your Credit Score

Whether you like it, or indeed not, your credit rating holds a significant bearing on how much you will be able to put in your mortgage application and how much you will be able to borrow. 

For this reason, as well as to help you build financial independence and freedom over time, you should ensure your credit score is as healthy as possible, by using the following guidelines below:

  • Do not close any credit card accounts you have
  • Always pay every bill on time
  • Make sure there is always enough money to pay direct debits
  • Access your credit report with a reputable online company  

Seek a Mortgage Pre-Approval

There is nothing worse than getting everything ready to apply for a mortgage and already having your heart set on a particular property, only to be rejected by the bank or other lender you apply with straight away. 

To avoid this frustration and disappointment, you must ensure you receive a mortgage preapproval letter before you go on to the next stage, and ideally, you should apply for this before you start viewing potential properties to buy. This will make the process much smoother.

Be Objective When Viewing Properties

As previously mentioned, buying your very first home is a thrilling process and, as such, it can be understandably easy to get caught up in the moment and act on instinct, rather than applying logic to the situation.

When you are in the position whereby you are ready to start viewing potential properties, you must be objective and it is strongly advisable that you view said properties with a trusted friend or family member, even if they are not moving in with you. 

Red Note: 30 September 2022

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