Get Qualified Before House Hunting
So you decided it is time to consider purchasing a home or moving up to a larger home, what is the first thing you should do? Get pre-qualified with a lender so that you do not start out looking at homes and you find your dream house and then come to find out you do not qualify for that home! How disappointed would you be?
The possibility of interest rates increasing over the next few years and new rules on mortgage interest deductions may also affect how much a buyer needs for a down payment. The median down payment for financed home purchases in the 3rd quarter of 2017 was a record $20,000 according to Irvine, California based housing research firm-Attom Data Solutions.
With inventory of homes relatively low these days, you have to know what you can offer and the highest offer you can go to when competing for the home you want. Be prepared that you may have to make offers on quite a few homes before getting one accepted. This is why you need to make sure and hire an experience, honest and ethical agent who can look out for your best interest.