1. Get Pre-approved not pre-qualified: Pre-approved means the lender has reviewed your financial information in detail and can give you an accurate amount for the purchase.
2. Create a Budget: Mortgage payments will not be your only expense. You also need to be aware of other expenses such as, property taxes, insurance and homeowner association dues.
3. Beware of falling in love with a home: Focus on what you need verses what you want. Recognize that you’re getting a great house for a good value. Purchasing a home is an investment, so don’t get emotionally attached and be wise.
4. Offer what you believe the property is worth: A realtor can give you a comparative market analysis, which will show you what other properties of the same type and in the same community have sold for recently. Do not offend the seller. Make your opening bid something that is fair and reasonable.
