Embarking on the journey to become a homeowner isn't always easy. It takes a lot of time, patience and hard work to find the home of your dreams and get the loan you need to move forward in the process. It isn't always as quick as some might like. Buying a home can take months, if not years. After all, you don't want to settle for something you don't like. To help you along the way and take some of the stress off buying a home, here are three must-haves you want to have in place.
Just about every lender out there is going to require some form of a down payment. Whether it be 3.5% or 20%, you need to be prepared to pay something down. Lenders want a down payment to show that you are serious about buying a home. It also protects them in the event that property values start to decline. You will have some equity already built up in the property. The lender needs that reassurance that your home can serve as collateral for the loan, which is why they need to make sure the price of the home is less than what it appraised for when it comes to the mortgage.
Real estate agent.
One of the main things you need when looking for a home to purchase is a good real estate agent. You need someone who is going to take the time to look for the home of your dreams. You need someone who is willing to listen to what you want and account for the things that you don't. You don't want an agent who is going to waste your time with homes that aren't what you asked for. A good agent is willing to spend as much time as it takes to look through all of the available listings to get you the home you want.
A nest egg.
Owning your own home means you are responsible for any repairs that might arise along the way. Because of this, you want to have a nice nest egg built up to cover you for any unexpected surprises that might pop up after closing. A nest egg also protects you in the event you were to lose your job and couldn't afford your monthly bills.
By having the three things above in place, you can make sure your real estate transaction goes through smoothly and effortlessly. Contact a business, such as cold lake mortgages, for additional info on buying a home.