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What to do BEFORE Searching for a Home in Fairfield County

Thinking of Buying a Home in Fairfield County?

2 Important Steps BEFORE you Start your Search!

Buying a home could be one of the biggest financial investment in your lifetime. Home ownership is the American Dream and an exciting experience. However, the home buying process can become confusing and frustrating when you are unfamiliar with the process. Are you thinking of buying a home in Fairfield County and you don’t know where to start?

Many new home buyers are in the same situation. The majority of homebuyers start their process online. Before you even start to search, you should familiarize yourself with what it takes to buy your first home. When you are well prepared and informed, your home buying process will be smooth, and you will enjoy the entire home ownership journey.

Let’s have a look at these 2 steps and find out why they are important. They are;

1) Mortgage Pre-Approval

2) Hiring a Trusted Real Estate Agent

1. Mortgage Pre-Approval
The first step is to talk to a trusted mortgage broker and apply for pre-approval. Many times, home buyers begin their home buying process by searching online before they even know what they can afford. They use online mortgage calculators and make assumptions on what they can spend. There is nothing more disappointing than finding your dream home only to determine that you can’t afford it.

Your trusted mortgage broker will guide you through the options of mortgage products and communicate what is required to qualify for a mortgage. Your income and credit score will be a driving force in the process. Additionally, your credit score has a great impact on the interest rate at which mortgage brokers can provide you loan. The better your credit score, the lower the interest rate on your mortgage. Click Here on understanding and improving your credit score.

Your mortgage broker will qualify you and will draw up a pre-approval letter. This letter is essential when putting in an offer on a home. The seller needs to know that you are able to purchase their home and the letter validates that you are qualified, serious and committed. The pre-approval letter gives you more negotiation power which can result to a better deal.

2. Hiring a Trusted Real Estate Agent
The second step is choosing a trusted and experienced Buyer Agent.

What is a Buyer Agent and why do you need one?

A Buyer Agent is a Realtor who is legally licensed to represent the buyer and their best interests in a real estate transaction. They work for the buyer and guide them throughout the purchase process. The buyer’s agent will aid the buyer by finding/showing homes that meet their needs and advocating for the buyer throughout. This means they represent you and your best interests, as opposed to a seller’s agent who represents the seller’s best interests. Additionally, the fee for the buyer agent is no cost to the buyer. The buyer agent commission is paid by the seller in the transaction.

Some buyers believe they can find a property they like and work with the listing agent in order to secure a better deal. While this type of dual agency can be done, it’s highly discouraged because it leads to a conflict of interest. In the negotiation process, it is difficult for one agent to be loyal to both parties of the transaction. You will achieve a better financial result if you have your own dedicated agent. As an example, if you were in a lawsuit situation, would you use the same attorney as your counterpart? The answer is no!

It is equally important to work with a local Realtor who is an expert in the area and real estate market. Your agent will provide trust, honestly, loyalty, confidentiality and work for your goals. The buyer agent can save you thousands of dollars by negotiating for the best deal for you especially with their knowledge of the local market. You can count on your real estate agent for guidance through the home buying process from the mortgage application, home inspections, negotiations, attorney services to home closing and beyond.

Reach out if you are looking for a local real estate to work for your best interest and help you achieve your goals of home ownership in Fairfield County! (203)650-6870

Check out my Buyer’s Guide to Homeownership. It will give you detailed information on the home buying process in Fairfield County.