Thinking of buying your own house? Now is a great time to do so, with Forbes reporting that mortgage rates are close to historic lows. But as exciting as buying a home can be, it can also be a very slow process that can take months or years to complete. If you don’t want to wait that long, here are four sure-fire ways to speed up your buying process.
Find an experienced local real estate agent
Before anything else, you’ll need to work with a real estate agent who has a lot of experience in the area where you want to buy a home.. Real estate agents have mastered the whole process of home buying and can make the process easier and faster. A real estate professional based in your area is much more likely to have a network of local contacts, which can make the deal go more smoothly. To find a good real estate agent, Business Insider suggests getting referrals and doing your own research to check if an agent is licensed, experienced, and efficient. Search for experienced Colorado real estate agents on REcolorado.com
Get pre-approved for a home loan
Getting a pre-approved home loan, which allows you to know how much money a lender is willing to give you, can speed up the buying process. Plus, it shows the seller that you’re a serious buyer who can afford their home. A good credit score can raise your chances of getting pre-approved faster. To qualify for a fixed-rate mortgage, Marcus outlines buyers should be aiming for a credit score of 620 or higher. As a reflection of your credit history, your credit score is made up of different factors like your payment history and credit utilization, so be sure to request copies of these credit reports and dispute any errors. Another important step is gathering all your income, financial accounts, and personal information, as these are necessary for getting your pre-approval. Talk with your REALTOR® about the process and timing for getting pre-qualified or pre-approved.
Create a list of your non-negotiable requirements
Not having a clear list of your non-negotiable requirements can cause you to waste a lot of time. Make sure to create your list, as knowing exactly what you want will help you and your real estate agent find the right house for you. Stick to your requirements, and stop going to homes that do not match your needs. Make sure that your list only includes absolute must-haves, as having unnecessary things in your list will make it harder for you to have a good pool of potential homes.
Know the total cost of buying a house
A possible cause of delay for your buying process is not knowing its total cost. Not all costs associated with buying a home are indicated in the listing price. And as we’ve mentioned previously in ‘Preparing for the Hidden Costs of Buying a Home’, there are a lot of things to consider when computing for the total cost of getting your own house, such as monthly bills and a good home insurance policy.
For more help as you consider buying a home, talk with your REALTOR®. They are available to answer any of your questions and help speed up the home-buying process.
Author Bio: Hannah Roberts is a 32-year-old financial advisor who enjoys reading, listening to the radio, and taking long walks by the beach. Aside from dealing with finances, she also very much enjoys putting words together and sharing her insights.