 Get your Mortgage Loan Approval before
starting the search for your next home . . . this
will save you time & money!
Here are some important steps you should take
before you put your house on the market:
1. Home Loan Approval for your next Home
You don’t want to be signing a contract
to sell your house before knowing if you are qualified
to buy another. Your financial circumstances may
have changed since your last purchase and you
may not qualify for the loan amount you seek.
You’ll get a good idea of what you can afford
by getting a pre-approval before selling your
house. You may then take the decision of whether
or not it would be reasonable to sell your house
at this point of time or maybe consider renting
something after selling the house instead of readily
buying another.
2. Determine Fair Market Value of your House
You’d want to get the best price off your
property and in the quickest time possible. However,
over-pricing your home will only limit your chances
of selling fast and under-pricing may speed up
the process but you lose out in the bargain. An
agent or an appraisal service should be able to
assist in determining the fair market value of
your home. Another way is judging by how much
other houses in your neighborhood sold for. Irrespective
of the method, one must be used to determine the
true and best value of your home to ensure it’s
sold in quickest time possible.
3. Estimate Cost of Selling
- Advertising costs, if you plan to sell home
yourself.
- Real estate commissions.
- Attorney, closing agent and other professional
fees.
- Excise tax for the sale.
- Property taxes, home owner association fees,
and fuel tank rentals.
4. Make Necessary Repairs
You don’t want to put off a buyer because
of minor repairs which you haven’t attended
to so far. If you’ve decided to sell your
house, it’s time to finish with any pending
repairs you may have felt minor and unnecessary
to fix up till this point of time.
5. Get the House Ready to Show
Apart from repair work, you’ll also want
to see that your house is sparkling clean and
everything is organized and in it’s place
when a buyer comes to see your place. A clutter-free
environment is essential if you want the house
to appeal to the buyer.
How to get the Best Home Mortgage Rate
A mortgage or home loan is sometimes the best means by which to fund the purchase of your home. To keep control over your expenses and to ensure a stronger financial position it is very necessary that you compare different options and also identify the costs involved so that you are able to obtain the best home mortgage rate. There no doubts that a little extra effort in paring costs and identifying the right mortgage lender will help you save a lot of hard earned money because after intelligently comparing home mortgage loan rates you will find it easier to identify the best home mortgage rate and choose only that mortgage rate for your needs.
Detail Costs
The first step that you will need to take in order to identify the best home mortgage rate is to detail all of your costs after which you need to get information about different lenders, banks, thrift institutions as well as mortgage companies and even credit unions. Even if it means hiring a mortgage broker you should not pass up this option because the broker is the person from whom to get the complete details that in turn will help you identify the best home mortgage rate.
Another step that you will need to take in order to identify the best home mortgage rate is to compile a list of current mortgage interest rates and to make the list in such a manner that it is easy to distinguish lowest interest rates from highest interest rates. In addition, you will do well to check fixed as well as adjustable interest rates as too learn about expected market trends.
You also need to know annual percentage, fees to be paid to the lenders and also how many points are required to get lower interest rates. It is also necessary to know underwriting fees, fees to be paid to brokers, transaction settlement as well as any closing costs. With this information in hand you are then in a good position to negotiate the best home mortgage rate with your lender.
In fact, on a daily basis, different borrowers will offer you differing interest rates for similar mortgages. To get the best home mortgage rate also requires that you negotiate for reductions as well as waivers and comparison shopping too is another good option in this regard.
A home mortgage rate calculator is a powerful tool that will save you a lot of headache and bother in determining the best home mortgage rate and also to find out which particular mortgage will be most affordable to you.
Having identified the best home mortgage rate, you will then need to enter an agreement with your lender that should also have a written lock-in from the mortgage broker. Shopping, comparing as well as hard negotiations are the key ingredients to identifying the best home mortgage rate.
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