Secure Financing First....
Key Rules that dictate your home-buying success :"Line up financing before you select a property.
If you're like most want-to-be homebuyers, you're much more eager to get out on the road and start touring properties than to spend time in a mortgage lender's office assessing your borrowing limits. But home-buying experts say it's critical that you delay house hunting until you determine how expensive a property you're qualified to purchase.
'You'll waste your time if you go shopping for a house and fall in love with one that costs $200,000 more than you can afford,' says Sylvia Shelnutt, a real estate broker who trains agents on how to work effectively with buyers.
Besides defining their spending limits, she encourages homebuyers to pick through the numerous types of mortgages available to them and to settle on their best option before advancing to the neighborhood and property selection phase.
One exception involves those who are sure they'll be buying a brand-new house. They may find their best deal is available directly through the builder they choose, says Shelnutt, who's affiliated with the Real Estate Buyer's Agent Council ( www.rebac.net) and is in the group's Hall of Fame."
posted by Justin Smith @ 1/14/2006 04:17:00 PM
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