Now that you know whether you want to buy a new home or a resale home, you can now consider how much you can or want to spend on your new dwelling. This is also one of the first major steps you will have to take during your hunt for a new home. It is very beneficial to speak with a reputable mortgage representative. Your realtor or a friend who has been through the experience can usually suggest a few people you can interview in order to make your decision as to whom you feel comfortable dealing with.
Once you've made that decision, your mortgage rep will be able to sit down and gather some information about your employment, income, credit, home maintenance costs, etc., in order to come up with a figure you can work with. This will help your realtor find you a home suitable for you and what you can afford as opposed to showing you homes for you to fall in love with only to find out that it may be out of your price range at the moment. Another benefit to visiting a mortgage representative is that they may be able to hold an interest rate for a temporary period of time, amidst rising rates. Once this rate is held, you now have some time, usually about 120 days, to find your new home without the rush and you can feel comfortable knowing you haven't made a hasty decision.
Interest rates have been rising steadily for the last few months so if your still considering if now is the time to buy, stop thinking and call me today! I'd be more than happy to give you a referral.
Your Realtor With A STERLING Reputation.