You must check your credit report and score to know where you stand financially. Lenders will base their decision to give you a mortgage loan based on your creditworthiness. When viewing your credit report, take note of any negative marks, such as late or missed payments, judgments, garnishments and any other debts that may be listed. You need to ensure all information on your credit report is accurate. Ensure all negative marks are yours. You’d be surprised at the number of errors are on a credit report. You may be able to dispute items on your credit report and get those items removed which can raise your score. Ultimately, you want a score of 700 or higher when applying for a home loan.

You’re going to need cash when buying a home. Sometimes, individuals who are unfamiliar with the home buying process fail to save money for expenses that may arise during the process. A cash shortage could mean that your loan is delayed, or you could lose the deal altogether. Your lender will provide you with a Good Faith Estimate (GFE) which lists in detail the expenses for which you’ll be responsible. Among such expenses, you will see the following:

• Closing costs, which include loan origination fees, third party fees and credit check fees.
• Down payment on your new home which can range from three percent to 20 percent

If you have a decent idea of how much money you’ll need when you close on your loan, then you’ll know how much you’ll need to save. So, pay attention to the estimated costs your lender gives to you.

Shopping for a home is fun, but you can’t go wrong with the professional help of a real estate agent. Your agent will have access to listings which you may not know about. The Renovated Home Sales Team tracks nearly every single home that is being flipped and can often negotiate with the seller before listing. They can also be a second set of eyes scoping out the features you want in your new home. If you’re struggling to find a real estate broker to help you buy a home, then you should take advantage of the following resources:

• Check local listings of homes for sale and take note of the real estate agent’s contact information.
• Ask family and friends for a referral.
• Attend an open house to meet the real estate agent hosting the event.
• Perform an online search of real estate agents in your area or that specialize in the type of home you want

Pre-approval is very important and can prevent a lot of heartache. When you began searching for a home, you probably didn’t have any idea how much money you could borrow. If you have no idea how much you can borrow, then you are not going to be looking at homes within your price range. What a shame it would be to find the perfect home only to learn you couldn’t get the loan.

Therefore, you should get pre-approved before you even start looking. This will ensure you are looking at homes you can afford and won’t run the risk of being disappointed. Most real estate brokers have preferred lenders/mortgage brokers that they have worked with in the past and can help you find the right one.

Everyone has an idea of all the features that should be included in a dream home. Maybe you want a garage or a basement. Or, perhaps you prefer hardwood floors over carpet. Updated appliances might be on your wish list. Maybe you are thinking about buying a flipped, remodeled or renovated home. The idea is that you should make a list of all the features you want to have in your new home. List items that your home must have and then list the items you would really like but could do without if necessary. Unless you have a custom-built home to your specifications, it might be nearly impossible to find everything you desire in a home.

Once you’ve found the perfect house, it’s time to make the seller an offer. Your real estate agent will help you come up with a reasonable offer which they will present to the seller. The seller can either accept or give a counteroffer. Once everyone agrees, you’ll proceed to closing.

If you are buying a home for the first time, the process can seem overwhelming. But, rest assured that you will get through it and will reap the rewards of owning a home.

Your real estate agent is the best source of information about the local community and real estate topics. If you found this site looking for a broker that specializes in flipped homes you have found the right broker. Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, tour available flipped homes for sale.

Like everything else in life, buying a flipped house isn’t free. There are costs. It’s important that you know about the costs associated with buying a home, so you aren’t caught off guard when it comes to the cash that is needed upfront for costs associated with closing on your new home. Closing costs are an area of misunderstanding for many homeowners which is why it is important to be familiar with the closing costs associated with buying a home. Any decent real estate broker or mortgage broker should be able to given you very close estimates for any home that you are writing an offer on.

When you close on your home loan, you’re going to need to pay some out-of-pocket expenses in the form of closing costs. Quite simply, closing costs are fees associated with your home loan that you are required to pay at the closing. If you are prepared to pay such costs, you can rest assured that there will be no delays and you’ll be a new homeowner in no time.

Closing costs vary from state to state and even within localities. Often, closing costs are based upon the selling price of the home, the type of loan you’ve obtained and your market area. You should become familiar with your state’s laws regarding closing costs and fees so that you will know what to expect. In WA the typical closing costs are for the buyer sides share of title insurance and escrow fees. Most of the other costs will be dependent of what loan program and mortgage professional you have chosen. These can include application fee, appraisal fee, attorney fee, courier fee, credit report fee, loan origination fee etc.

There are certain closing costs that are paid by the seller and other closing costs that are paid by the buyer. When you buy a home, the most common closing costs you’ll see are:

• • • An application fee is charged by your lender to process your loan application.
    • An appraisal fee will be paid to an appraiser to determine the fair market value of your home.
      An attorney fee is paid to an attorney to review all the closing documents.
  • An escrow fee is paid to the attorney or escrow agent handling the closing for their services.
  • A courier fee is paid to cover the expenses of transporting documents to ensure the loan process moves along quickly.
  • You’ll pay a credit report fee to enable the lender to pull your credit report.
  • Escrow account fees include advance payments to be disbursed for property taxes and mortgage insurance.

• You may be required to pay the entire first year’s homeowner’s insurance premium at closing.
• You’ll want to order a home inspection to identify any structural problems or any necessary repairs before you close on the home.
  If you’re making a down payment of less than 20 percent, you will be required to purchase private mortgage insurance (PMI). It is likely that you’ll have to pay the first month’s premium at closing.
  A title search fee is paid to the title company that performs a search of your property’s records to identify any liens or problems with the title.
  You’ll need to pay a recording fee to your county or town to record the transaction.

There are many closing costs and one way to determine what you’ll be responsible for is to obtain a Good Faith Estimate (GFE) from your lender. Pay attention to this estimate so you will know how much money you’ll need for closing.

One of the major perks of buying a flipped house was that the interest you pay during the year is almost always 100 percent deductible. But, what about all those closing costs you pay when you close on your loan? Unfortunately, most of these costs are not tax deductible. However, some closing costs you’re required to pay can be deducted from your taxes. Such closing costs that are tax deductible include:

• Prepaid Mortgage Insurance
• Pro-Rated Property Taxes
• Mortgage Points

If you are buying an investment property, then you can deduct from your taxes transfer taxes as part of the closing costs. You can also deduct hazard insurance and association dues created by your investment property.

Do not go into the home buying process with blinders on. Make sure you have a good understanding of the closing costs that are involved. Some homebuyers are surprised when they are hit with out-of-pocket expenses at closing. You can avoid this shock by researching common closing costs and understanding what will be expected of you at the time of closing. Homeownership is rewarding, but there are many steps in the process to becoming a homeowner. If you come to the table prepared, this will ensure the process will go as smoothly as possible and lessens the chances of any setbacks taking place that might hold up the process.

Your real estate broker is the best source of information about the local community, real estate topics and specifically knowledge about buying a flipped house and real estate investments. Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, or tour available homes for sale.