10 Sep 2021

Tips for Preparing to Put an Offer on a Home

Home Loan Basics for Millennials

The home search process takes an average of 10 weeks. When you find your dream home, be ready to make an offer. In competitive markets, home sellers receive several offers, many above the asking price. It’s not always about price. Sometimes clicking with the seller and a solid offer seals the deal.

To prepare an offer on a home, consider the following.

Understand how much you can afford first. Be honest about your current gross income and monthly expenses. Next, speak with a lender. Lenders assess your financial situation and determine how much they’re willing to lend you. Most homeowners make sacrifices. They hand onto their needs but let go of some wants. You can speak with an experienced friend to receive more perspective.

If you found your dream home, drive-by during peak traffic hours and at night. It’s important to see how the area changes based on the hour of the day. In addition, attend at least two open houses and speak with at least one potential neighbour. 

During the closing period, pay for a professional inspection. It’s best to avoid expensive surprises.

With all this information, you’ll narrow down the price you’re willing to pay for the home. Some homes are worth the asking price. Others are worth a little more. More importantly, you’ll avoid buyer’s remorse. 

Offer on a Home Conclusion

An offer on a home requires preparation, including your finances. Mortgage House provides several home loan products, such as the refinance home loan. For more information, contact our loan specialists. 

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