There are 10 Steps to Successful Home Buying:

  1. Get pre-approved for your loan.
  2. Determine if buying a home now is smart for you.
  3. Then design a buying strategy.
  4. Study the real estate market.
  5. Identify neighborhoods you like.
  6. View specific homes.
  7. Pick a home that meets your needs.
  8. Check property information and analyze value.
  9. Negotiate the contract.
  10. Troubleshoot the purchase to closing and move.

Of the 10 Steps to Successful Home Buying,
The first step--unless you are paying all cash--is to meet with the mortgage broker to have your loan pre-approved.  This is important for several reasons:

  1. Loan underwriters have specific guidelines they must follow. Don't accept a "go for it" and "see me later" approach. Work with a lender who has done their homework and will give you the amount and payment you are approved for.  Nothing will throw a wrench into things faster than a mortgage company that drops the ball on this all-important aspect of homebuying.  
  2. Knowing you are pre-approved lets you shop with confidence in the right price range and makes home-buying more stress-free and fun.
  3. Pre-approval adds more power to your negotiations and more leverage with the seller. It can be better than a cash offer, since, quite often, cash offers require some borrowing.
  4. You dispel Seller fears of entering into a contract, anticipating a possible move, and then discovering the buyer did not qualify.
  5. You avoid major disappointment, if after the contract the lender turns you down. Too often, if one makes an Offer subject to financing and isn't pre-approved, they can get discouraged and not buy for months and even years later. By waiting you risk housing prices increasing a loss of equity by owning sooner. Should mortgage rates go up, affordability declines further.

Take the right steps and work with a sales representative who will guide you through the buying process. Consider a buyer consultation with a Century 21 representative in Niagara. Our in-house mortgage brokerage department can help you with this all-important first step.    

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