Today's strict lending guidelines can call for even more steps in the process, but with a plan it can be done with less stress.
Knoxville, TN (PRWEB) October 28, 2013
865 Real Estate, a leading Knoxville real estate website founded by Troy Stavros of Gables & Gates, REALTORS has posted a new article titled, "Top 3 To Do's Before You Start Searching For Homes".
The home loan process can be daunting for seasoned homeowners, let alone first time home buyers. Paperwork, paperwork and more paperwork, followed by credit checks and more required documentation.
Troy Stavros, Broker and Founder of 865RealEstate.com at Gables & Gates, REALTORS says, "Today's strict lending guidelines can call for even more steps in the process, but with a plan it can be done with less stress."
The following "To Do's" should be taken prior to searching Knoxville homes for sale, in order to make loan approval a smooth, successful endeavor:
To Do #1: Start pulling together documentation prior to starting a Knoxville real estate search. Mortgage experts are recommending starting 6 months to a year prior to beginning a home search. Why so early? There could be credit issues to resolve, debt that needs to be paid off, or down payment money to be saved to allow for approval. Those things take time. Waiting too long can hit a buyer twice as hard, by coupling the denial of a loan with the loss of a dream home.
To Do #2: Get pre-approved prior to starting a Knoxville home search. This is a major step that anxious buyers like to skip over, that can cause heartbreak. A pre-approval (not a pre-qualification!), uses complete documentation and gives a buyer the green light from the lender, saying should a home be found, financing is approved and available. By not completing this step prior to a home search, many buyers are looking at homes in price ranges they cannot afford. This leads to frustration and heartbreak, when a buyer realizes the perfect home the search has found is out of reach.
To Do #3: Most new buyers understand that saving up for a down payment is necessary, but many are not aware of closing costs. The down payment and closing costs can be two significant numbers, and buyers need to plan on saving up for both prior to beginning a home search. Closing costs can vary, but a general rule of thumb is to plan to pay around 3-4% of the purchase price. An important reason to use an agent when buying a Knoxville home is that seasoned Knoxville real estate agents can assist you in negotiations and show how to reduce the amount of closing costs.
About 865 Real Estate at Gables & Gates, Realtors
The 865 Real Estate team is committed to bringing the best possible experience to fruition for buyers and sellers of Knoxville real estate. At the 865 Real Estate team we don’t believe average is good enough for our clients. At the forefront of the 865 Real Estate team is experience. The 865 team was created to serve our clients even better with specialization and expertise. We pride ourselves on being ahead of the curve on technology and how it can serve our clients. When you are a client of the 865 Real Estate team, you can expect to have our entire network of partners working to fulfill your individual real estate goal. As a member of Leading Real Estate Companies of the World the 865 Real Estate team at Gables & Gates, REALTORS can not only serve you here in Knoxville, but we can assist you with finding the most qualified real estate professional to suit your needs, anywhere in the world!