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Who Can I Talk To About Buying A House


  • The first thing to do when considering a home purchase is to take stock of your financial situation. You need to assess whether you can afford a down payment, mortgage payment, and ongoing home maintenance costs. It's also a good idea to check your credit score and see whether you're in a good position to get approved with good loan terms."}},"@type": "Question","name": "How do I choose a real estate agent?","acceptedAnswer": "@type": "Answer","text": "A real estate agent is a crucial partner in your home search, and you want to be sure it's a good fit. Ask for referrals from friends and colleagues, and interview a few different agents to compare how they will approach helping you find a home and negotiating a purchase on your behalf. Ask them questions about their experience, communication style, and commission structure to get a feel for which one fits your style best.","@type": "Question","name": "How do I choose a mortgage lender?","acceptedAnswer": "@type": "Answer","text": "Ask your agent, as well as friends and family, for lender recommendations before you start house shopping. Get loan preapprovals from several lenders, and ask them key questions about loan rates and terms, origination fees, down payment requirements, and loan process. Choose the lender that offers you the best service and terms for your needs."]}]}] .cls-1fill:#999.cls-6fill:#6d6e71 Skip to contentThe BalanceSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.BudgetingBudgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps View All InvestingInvesting Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps View All MortgagesMortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates View All EconomicsEconomics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy View All BankingBanking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates View All Small BusinessSmall Business Entrepreneurship Business Banking Business Financing Business Taxes Business Tools Becoming an Owner Operations & Success View All Career PlanningCareer Planning Finding a Job Getting a Raise Work Benefits Top Jobs Cover Letters Resumes View All MoreMore Credit Cards Insurance Taxes Credit Reports & Scores Loans Personal Stories About UsAbout Us The Balance Financial Review Board Diversity & Inclusion Pledge View All Follow Us




Budgeting Budgeting Calculator Financial Planning Managing Your Debt Best Budgeting Apps Investing Find an Advisor Stocks Retirement Planning Cryptocurrency Best Online Stock Brokers Best Investment Apps Mortgages Homeowner Guide First-Time Homebuyers Home Financing Managing Your Loan Mortgage Refinancing Using Your Home Equity Today's Mortgage Rates Economics US Economy Economic Terms Unemployment Fiscal Policy Monetary Policy Banking Banking Basics Compound Interest Calculator Best Savings Account Interest Rates Best CD Rates Best Banks for Checking Accounts Best Personal Loans Best Auto Loan Rates Small Business Entrepreneurship Business Banking Business Financing Business Taxes Business Tools Becoming an Owner Operations & Success Career Planning Finding a Job Getting a Raise Work Benefits Top Jobs Cover Letters Resumes More Credit Cards Insurance Taxes Credit Reports & Scores Loans Financial Terms Dictionary About Us The Balance Financial Review Board Diversity & Inclusion Pledge Mortgages & Home Loans Homeowner GuideShould You Talk to a Lender or a Real Estate Agent First?ByElizabeth WeintraubUpdated on April 7, 2022Reviewed byJeFreda R. Brown Reviewed byJeFreda R. Brown Facebook Instagram Twitter JeFreda R. Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University.learn about our financial review boardFact checked byKatie TurnerIn This ArticleView AllIn This ArticleGood Agents Know Good LendersAn Agent Will Help You Pick a LenderShop Around for an AgentFind Someone You're Comfortable WithThe Best Time To BuyThe Flip Side: PreapprovalFrequently Asked Questions (FAQs) Photo: Richard Drury/DigitalVision/Getty ImagesThere's a bit of debate about whether you should talk to a lender first when you decide to buy a home or to a real estate agent. There are pros and cons to both options, but the bottom line is that while your loan is important, your real estate agent is even more important. Your mortgage is actually just a part of a large transaction.




who can i talk to about buying a house



Ask your agent, as well as friends and family, for lender recommendations before you start house shopping. Get loan preapprovals from several lenders, and ask them key questions about loan rates and terms, origination fees, down payment requirements, and loan process. Choose the lender that offers you the best service and terms for your needs.


"The moment you think about buying a home is when you should be talking to a lender," Rueth says. "You don't have to already be in the process of buying a home to do this. You can be two years away from buying a home and still start that conversation."


Another good place to get the homeowner conversation started is your favorite local bank. Rueth suggests working with a lender that already provides resources to instruct and inform potential borrowers about the homebuying process, which shows they believe in spending the time to educate others.


There are lots of programs out there to help first-time homebuyers. This can range from local government or community programs that offer free classes about home buying and homeownership to grants that give you cash to put toward a down payment.


Next, do some house price research. Getting a general idea of house prices helps you set a goal to work towards. A great savings goal for a house deposit is 20% of the purchase price, plus enough to cover buying costs (see steps 5 and 6, below).


Reflect on why you want to buy. Are you planning to grow your family? Do you want to renovate? If you're buying with a partner, talk about this together. Being clear about why you're buying helps narrow down your property search.


Leyba says that for buyers planning to build soon after buying the land, trying to do two separate loans on the land and the house can be a challenge. In this case, a new construction loan might be the way to go.


An award-winning former journalist, Chris writes about mortgages and homebuying for a host of sites and publications. His analysis and articles have appeared at The New York Times, the Wall Street Journal, USA Today, ABC News, CBS News, Military.com and more.


Buying a home comes with additional expenses that are easy to overlook. Be sure to talk with your lender about all anticipated costs throughout your homebuying process, and work with them to create your initial budget.


Can you buy a house with cash? Yes. Should you? That depends. While there are several benefits of buying a house with cash, there are a few instances when you might want to seek out financing. Here are a few drawbacks to paying in cash that could affect you in the long run.


The benefits of home ownership come with costs and limitations. For some, renting may be a better option. Consider the pros and cons of buying a house as you think through the process and before you make a decision. You can also read our homeownership guide to help you through your process.


But buying a house, as with buying a vehicle, investing in a 401(k) and putting money into a college fund, deserves thoughtful consideration before action. It also can require a clean bill of financial health, which requires minimal debt and solid credit.


No matter when you plan to buy, there are a few things you should know. On average, the process of buying a house takes roughly six months. In 2021, the typical buyer reported searching for between 2 and less than 3 months. Then add to that 30-45 days to close.But the process of buying a house includes more than just touring homes. You also need to review your credit and financing options, find the right real estate agent, make offers and negotiate, get an inspection, prepare to move and, eventually, close on your new home.


There is one major impediment to buying a home through an LLC: the bank. Banks are nervous about giving large sums of money to a new LLC because the liability-limiting properties of the company could shield it from legal penalties involved in defaulting on the mortgage loan. One trick to circumvent this is to get a mortgage for the home in your own name, and then transfer the property to the LLC. You will still be personally liable for the amount of the mortgage, thus keeping the bank from dealing with unsecured money, but the liability-protecting properties of the LLC will hold over the property itself. 041b061a72


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