Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.Become informed and understand what to look for so you will know when the best time to buy real estate is. When rates are low, you’ll pay less. When rates are high, your payment will be higher. Economic factors such as inflation, cost of living and market conditions, affect interest rates. Buying real estate in volatile economic times, a bad market or the wrong time frame could cost you everything. Not only are seasons important to consider when buying real estate, but seller circumstances and motivation are also significant factors. If you are anxious to get moving, be patient. You have a few things to do first:
- Go to open houses – get the lay of the land
- Talk to Wright Mortgage to get pre-approved
- Interview agents (You may want to find an agent at the same time as you look for a mortgage broker – a good agent can recommend reputable brokers and help you make sense of the terms of the loan)
- Review credit report and scores with mortgage broker to determine if any repairs are needed
Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage is a professional and dependable company who takes getting your clients Approved and on time closing a priority. Communication is always the foundation to any relationship. Communication is key to preparing your customer of possible delays or issues that may arise during the loan process. Properly informing real estate agents and clients throughout the loan process should allow all parties to properly prepare for unexpected issues that may arise.