Buying a house in this age and time isn’t exactly a walk in the park. There are a number of things that you need to know before you actually dive into the deal. While the trend of buying a house has been declining, a research reports that around 72% of renters still say that they’d like to purchase a home in the future. If you’d like to be an informed buyer, well-prepared to make this valuable purchase, then allow us to equip you with some useful information for a successful and smooth purchase.

There’s a shortage of homes for sale throughout the country and if you’ll need a home loan to pay for the house, you should probably get preapproval as early as possible. You never know how long the approval can take and you might lose the house to another buyer who can pay before you. Needless to say, there are fewer cash buyers today than ever before which means that sellers need more than just your word to know you’re serious—and a preapproval loan letter might just do the trick.

According to several experienced real estate agents, shopping for a house without a mortgage preapproval is one of the most common mistakes homebuyers make. Perhaps they don’t realize the amount of underwriting involved in the process can break the deal.

This is one of the very first questions that any buyer should consider, how much can I afford?

Here’s a rule of thumb to help you with that; start off by considering a range that’s approximately three times your income. So assuming your income is say, $110,000, so your price range should lie somewhere close to $330,000, give or take a couple of percentage.

If you’re not very confident about calculating this on your own, then speak to a lender. They have all the knowledge and expertise needed to calculate exactly how much house can you afford. This is also why you get the mortgage before buying the house.

Interest rate is one of the major factors that affect the volatility of the real estate market, and thus, deserves careful consideration. Experts predict what kind of changes we’re most likely to witness in the near future, and advise their clients accordingly.

The duration may not have been of as much importance before, but today, speed of closing a deal is extremely important. The time period between applying and closing has become much shorter. Now it takes as little as even 40–45 days for the whole process to complete.

Looking for a reliable local Camp Hill PA real estate agents? Check out Smith Top Team! We provide a reputable Dillsburg PA real estate service, who have got a team of professional and experienced agents to help you get through the purchase process smoothly. For more queries and details, connect with us today.