- Loan programs
It can be stressful to search for a home and find the perfect one. That is why so many people want to close their mortgage quickly, but it doesn't always happen that way. In this blog post, we will discuss eight tips that may help you close more quickly on your home!
1. Get a pre-approval letter from your lender before you start searching for a home. That way, the lender will know your price range and can search for homes that meet those qualifications. Making sure you meet those can avoid the headache of putting in offers on homes that you will ultimately have to back out of.
2. Find a realtor who is experienced in the area and can help you narrow your search to be specific to the suitable homes for you and your family. Only looking at the perfect homes for you means less time wasted and quicker will find the right one.
3. Research neighborhoods and ask for referrals from friends or family members to avoid falling in love with a home, only to find out later that you would rather live somewhere else. This could be due to school zones, crime, or local stores/parks.
4. While this is not an option for everyone, it will close much faster than a mortgage loan if you have enough cash on hand. This is because it does not need to go through underwriting and processing at the mortgage company.
5. Get Pre-Underwritten before starting your home search. This helps you ensure that you will have no issues getting approved once you go under contract and may even help get your offer accepted.
6. Be prepared to make concessions if necessary - this might include buying less square footage than initially planned, getting a smaller home loan, or paying more upfront as a down payment. This concession, while not ideal, will help you get into your home faster.
7) Keep your eyes open for foreclosures that are coming up soon to find opportunities that others may not know about yet! Often, the hardest part of the home buying process is finding your home. Looking at distressed properties (if your financing allows it) may be the way to get the deal of a lifetime.
8) If all else fails, try bidding above market value! This helps you stand out against the competition. Just make sure you have enough cash on hand to deal with any appraisal gaps.
The eight ways to speed up the homebuying process we've outlined today should be helpful for those of you looking to buy a new property. We can help make this experience as quick and painless as possible, so if you're thinking about purchasing a new home soon, and need financing, give us a call!