Millstone Times August 2022

REAL ESTATE

Regarding Real Estate: Insight and Tips When Looking for A New Home By, Mia Inqui 1. Avoid commenting about the home as your tour it. Homeown ers could be eavesdropping via smart home technology or nan ny cams. If you seem too enthusiastic, you may lose some of your negotiating power. 2. Don’t open any new lines of credit while you’re pre-approved for a mortgage and don’t change jobs while in the mortgage process. Both could hurt securing your mortgage and loan. 3. Finding the perfect home that matches a 100 percent of your wish and check list is tough. Experts say if a home meets 85 percent of the requirements you’re looking for, make an offer! 4. Hiring an agent should be your first priority when looking to purchase a new home! An agent’s job is to advocate for you and save you money during the complicated process of buying a home. In most cases, the seller covers the buyer agent’s com mission. So, there’s really no good reason not to hire an agent. 5. It’s a myth that you need to put down 20% when you purchase a new home with a mortgage. On average, first time home buyers average just 7% down with a mortgage. Some loans, like VA or USDA loans, even allow you to put 0% down. However, under stand that the more you put down, the smaller your monthly mortgage payment will be. And if you put down 20% or more, you can skip additional mortgage insurance costs.

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