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Home >> Lending >> Home Mortgage
Shopping for a Home
My husband is being transferred by his job to another state. We would prefer to buy a home as soon as possible, rather than living in a rented apartment or house on a short-term basis. I don't want to have to move things twice! Unfortunately, we will have very limited time to look for houses in the new area, because we can only go on weekends. What can we do to make the process as efficient as possible?
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 Make a list of the criteria for your new house. How many bedrooms, bathrooms? What kind of a yard do you want? Do you need additional living areas, lots of storage space? What about your kitchen needs? Laundry room? How many vehicles will you be parking in the garage or driveway? Do you have school-age children whose education you need to be concerned with? Do you need a house that comes with appliances, or will you be bringing your own? What do you want to be close to -- work, recreation, grocery stores? What style of house do you prefer? Do you want one level or something with stairs? Is a pool an attraction or a deal-breaker? The more you know about what you want, the easier it will be to narrow down the choices and find it. Use the Internet to help you locate properties you think you might be interested in. Locate a real estate agent in your new city as quickly as possible.
In terms of financing, consider seeking pre-approval from a lender. Basically, you will provide all of your information to the lender as if you are already applying for a loan, with one big difference -- you haven't chosen a property yet. The lender will determine how much house you can buy, based upon what monthly payment amount and term your income and cash flow would support. You can then look at houses with confirmation from the lender that you are pre-approved up to a specific amount. That often makes it easier to nail down a deal quickly with the sellers, because they don't have to worry that your financing might fall through.
Published on BankingQuestions.com 7/28/06
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