It is common to get tired of living in a rented space. You cannot always change the place according to your needs. It is not possible for you to break or a build a new partition wall for your child’s nursery, and sometimes you cannot even repaint those dull, yellow walls which come with most rented apartments. A rented place needs a lot of adjustments and compromises from your side. On the other hand, it is also not an easy task to buy or build a new house to just move out of your small, dull rented apartment. It takes time to find the right house in the right neighborhood, and a lot of money to make such a big investment. However, all those of you who are planning to buy a house, here is a simple guide to how long this whole process can take.
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Mortgage pre-approval
The first and the most essential step towards buying a house is getting a pre-approval for your mortgage. Not everyone has a huge amount of savings already in place to get a house. Hence, it is of utmost importance that you visit mortgage broker before you go off to all those exciting open houses. They will check your credit rating and determine whether you are eligible for a mortgage. Getting a mortgage pre-approval would also help you in establishing your seriousness about buying a house to your sellers when you meet them later on.
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House search
The next step is to begin the house search. You need to decide where you want to build a home, and all the potential neighborhoods in that area for you to explore. You can look online for real estate listing or hire a real estate agents to make the whole process easier for you. Remember, you might not find the right house in just a few days; you can if you are lucky, but it mostly takes people a long time to find the perfect fit for themselves. Also, remember finding the right house is not like a beauty contest in which you decide which of the house is the prettiest. Although, having a beautiful interior as well as exterior must be on your checklist when you are looking for the right house, there are other things which you need to pay attention to as well. You need to check if the house needs serious repairs or whether there are some important flaws that you are missing. Maybe hiring a home inspector can make this task a lot easier for you.
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Make the deal
Once you are chosen the right house, you must make an offer. If it is accepted, it might take you around fifty days to close on the loan, process your mortgage application and get the keys. Getting pre-approval on the mortgage before you start all this process can definitely speed up the process at this stage.
All this takes a lot of time, so do not expect to move in to a new place as soon as your start looking for one. Be patient, and you will find your perfect dream house eventually.
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