Buying a home during the fall months offers several potential benefits, including reduced competition and the opportunity to move in before the holidays. However, you’ll need the right team on board to help you.
When considering a football team’s makeup, examine the key players on your roster for insights into homebuying.
The Quarterback: Your Mortgage Lender
Your mortgage lender is the quarterback of your team. They provide you with the loan options and opportunities to find the home that fits your needs. The right lender defines the success of every other player. Your lender will help you with several core services throughout the “game”.
1st Quarter: Securing Your Mortgage Loan
During the first quarter of the mortgage process, the focus should be on comparing a mortgage loan that aligns with your goals and provides a solid foundation for long-term financial success. Compare loans carefully:
- Choose the option with the lowest interest rate possible.
- Ensure your monthly payment is well within your comfort zone.
- The shortest term possible that keeps your monthly payments affordable is often the best option.
Consider factors like closing costs and application fees. You also want to determine what the loans require in terms of credit scores. Your lender leads this process, helping you to secure the right loan terms to make this an affordable purchase.
2nd Quarter: Starting Your Home Search
Now that you have a loan in place, it is time to start looking for a home (this should be your top priority to ensure you’re considering homes that fit your budget). Your lender will provide you with the amount they will approve you for in a loan. This allows you to begin the process of researching homes and choosing one that best suits your needs.
By working with a real estate agent, you’ll have more opportunities to compare neighborhoods and navigate the various features most important to your family. Consider a home that will grow with your family in the years to come.
3rd Quarter: Making an Offer & The Appraisal
It’s time to make an offer on the perfect home you’ve selected. An offer is a legally binding contract, which means you must be careful about offering the right value. Too low and you could offend the home seller, but too high and you may be wasting money. Negotiate with the seller to reach an agreement on terms that best suit your needs.
Your lender will need to approve the home you decide to purchase. Specifically, the lender ensures your home’s value is what you are paying for it. To properly insure your home, it must be valued at or below the current market value.
4th Quarter: Closing the Deal & Winning the Game
To win the game, you need to close on the loan. Even with an accepted offer from the seller, you still have to navigate the paperwork and close the deal. This process is another one your lender leads you to, answering your questions and ensuring the legal transfer of ownership from the seller to you.
Closing on the deal is life changing. Having the right lender by your side to make it happen is also critical.
Are you ready to make that big fourth-quarter play? Make sure you have the team you need on your side. At Southern Trust Mortgage, we are here to guide you throughout the entire process, one play at a time.
Ready to get started? Click here to get connected with a member of our team for a no-obligation mortgage consultation.
