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Crucial Homebuying Tips: Agents, Pricing, Mortgage Loans, and Inspections

Perspectives from Angel Oak Home Loans on the steps in the homebuying process, and the people who can help you through them

April 16, 2015

Realtors

Especially for the first time homebuyer, agents are essential to the homebuying process, as whether you’re in Chicago or Alpharetta, agents do much more than just the complicated and tedious paperwork. A buyer’s agent helps the home buying process proceed much more smoothly, especially for first time homebuyers, and here’s why: real estate agents know the details about a neighborhood most buyers don’t, have information on recent homes sold in the area, are familiar with the progression of a transaction, and have numerous industry relationships, often leading to more agreeable negotiations and terms. Agents also often have relationships with local mortgage advisors and mortgage lenders, providing connections to help get the loan you need to ensure a competitive mortgage rate.

Pricing

A good agent is a great price consultant – ask what they think! Agents know the recently sold similar homes in the area and can account for whether prices are going up or down, giving you a fair idea of the market. Individual states and cities differ, but home prices are all generally on the rise across the country.

Buyers who qualify for government assistance may qualify for Angel Oak’s Federal Housing Administration mortgage program (FHA), Veteran’s Affairs mortgage program (VA), or USDA Rural Development home loan. Angel Oak also offers additional financing terms, including low down payment home loans, no down payment mortgages, 100% financing mortgages, no monthly mortgage insurance home loans, and closing costs that are either covered by the seller or financed into the loan. For these products, Angel Oak Home Loans offers both fixed rate and adjustable rate mortgage loans.

Inspection

Once you’ve found a house you’re considering buying, get an inspection and an appraisal to establish fair values for repair estimates. If the seller’s inspector makes estimates using lower quality contractors and materials while glossing over problems it’ll easily cost you more, making paying for a good inspector out of your own pocket worthwhile. When problems do come up, use them during negotiations with the seller.

Home

Try to be impartial and detached throughout the homebuying process, giving you the power to walk away at any point and for any reason at all. Issues with former tenants, title insurance, pests, finances, and neighbors can easily add up, and walking away from undesired stress is a better decision in the long run. Until the house is actually yours, try to think of the purchase as purely financial – as a mortgage loan product.

But once a house is yours, do whatever you need to make it home. Customize the cabinets, finishing, faucets, tiling, and wall paint, making it truly yours.

 

Angel Oak Home Loans is a full-service mortgage retail lender. Our company provides home loans offerings for a variety of circumstances and situations. Please contact us to find out what Angel Oak Home Loans mortgage programs are available in your area.

Learn more about the Angel Oak Home Loan mortgage programs