Are you ready to say good-bye to your landlord and your apartment? This is an incredible time to make your move. Incredibly low interest rates coupled with very affordable home prices now that the Orlando real estate market has finally bottomed out. Whether you’re searching for your first home or making your return to home ownership beginning your search is an important step to having the ability to strengthen your finances while living in a place that is comfortable enough to truly feel like home. So now it has been established that you are looking for a new home, there are a couple of specific topics which you will want to cover before jumping into the deep end of the pool.
Start with some simple mortgage loan research.
If you are anything like most people, instincts are telling you to gas up the car, hit the road, and do some serious home shopping. However, before you begin shopping it is important to investigate your financial ability to complete the purchase. This will mean finding out what the going interest rates are, how much a lender will require you to put down, and what monthly payment range will be most comfortable for you. Ultimately, researching these items will tell you how much you can afford to spend on your new home.
Important! Your credit profile and your paycheck.
It is vitally important that you consider how much of your monthly income you can comfortably afford to use to cover your monthly payments as you should set this number as the upper limit to the amount you will borrow even if your lender offers a higher amount. You really don’t want to walk into a brand-new situation that is over your head. An integral part of qualifying for a mortgage loan is your credit rating. There are loan programs available for a varying spectrum of credit profiles, even for less than perfect credit. It is important to review your credit profile prior to seeking a mortgage as there may be items on your credit report that need to be addressed before a loan qualification is granted. Sometimes these known items that a lender will require to be addressed prior to offering a loan commitment, yet often these items are mistakes on the report that are easily cleared up. These are important preliminary steps on your search. Taking these first steps makes it easy to avoid the very unpleasant feeling of starting to look for something, only to find out that you won’t be able to have it once your find it.
Now ask yourself, what kind of house do you want?
Of course, common sense dictates that it is important to know what you’re looking for before you go looking. If you have a basic idea of what is available, it may be somewhat easier for you to figure out exactly what you want. Some things that you will want to consider are:
- What neighborhoods catch your interests?
- What school system would you prefer?
- Commute time to work or school?
- How many bedrooms and bathrooms do you need?
- Do you want a pool? Is it a requirement?
- What are your parking or transportation needs?
- How much space (square footage) is enough?
- Single family, townhome, or condo?
- Are there any services that must be local?
- Are you willing to do some renovation or customization?
One more thing before starting your new home search.
Once you have a good idea of what you’re looking for, it then becomes a matter of finding the right people to guide you through the transaction. The most important decision that you can make is to find the right Orlando real estate agent to assist you in your property search. A real estate agent will have access to all the information needed to investigate homes that are currently available in your area of interest. Access to detailed listing information in the Orlando MLS allows your real estate agent to find the Orlando homes for sale that are a best-case match for you. Furthermore, valuable to a home buyer is the agent’s connections to the best home inspectors, mortgage lenders, and home warranty providers.
The truth is that it is always about the money.
Unless you’re paying all cash for your next home having the right loan officer is vital to a successful transaction. Your choice in lender will determine the type of deal that you get as well as what type of mortgage you end up with. Without the right loan officer and real estate agent, you may run into problems getting the best deal with your new home. A good advisor would recommend that you choose both wisely.
Don’t be caught off guard by real estate or mortgage jargon.
After you and your real estate agent begin to search for Orlando homes you may come face to face with many words that you find unfamiliar. Industry jargon relating to mortgage loan terms, real estate market concepts, home construction terms, and other real estate related jargon will often surface during your home search. Make sure that you understand real estate and mortgage jargon. While misunderstanding most jargon will have little impact on your new home search some, such as “Upfront Mortgage Insurance Premium”, are vitally important to know as they can affect you for long after you complete your purchase. If you don’t know what a word is when you hear it, look it up right away or ask one of the professionals who is guiding you through your new home search.
Finally landing in your new Orlando home.
Moving from an apartment into your first home is a giant leap, making it a matter of importance that you understand what you are getting into beforehand. The process of searching and actually buying your new Orlando home can be both challenging and immensely exciting. Being properly prepared at the beginning can mean the difference between gracefully walking through the front door of your new Orlando home or barely stumbling through the back door. By learning the ins and outs of the home buying process at the very beginning you can be certain to get exactly what you want.
Happy Home Hunting!
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