Thursday, September 4, 2008

Steps To Getting A Mortgage And Buying A Home - Part 2

As you read this article, you will find out about the crucial phase of actually buying a home and moving into your new home. Buying a new home is not just about researching mortgages and applying for mortgages, theres the important step of moving in.

In this buying a home article, you will learn:
* About the negotiation of buying a home
* What does a solicitor do in the process of buying a home
* Property valuation and surveying
* Completing the mortgage application

About the negotiation of buying a home:
The negotiation process is one which for the first time home buyer, is not one which you are likely to excel at. Negotiation is an art which some people have learned to master, while others who are new to negotiation do not always get the best deals.

The dynamics of the negation is this: the home owner has a property, and wants to get the most money he or she can. You are a potential buyer, and want to get the lowest price possible. The degree that you are a better negotiator will determine how lower you buy the property for, and the more skilled the existing home owner in the art of negotiation, will determine how much more he manages to get out of the deal.

The last paragraph may make you think whether you can really get the best prices for the property. However, there is a way to make life easier when negotiating, and that is with a bit of research.

To be able to get the best price a suggestion is to look at similar style properties in the area you are thinking to buy a home in and look at the prices. That way, you can make sure that you are getting the real estate at least at the market value or around there.

What does a solicitor do in the process of buying a home:
After you have found your new home to buy and started the negotiation process, you can now look to finding a solicitor. A solicitor will help you with all the paperwork necessary in the process of buying a home. Some people have mixed views at this point, some like to apply for the mortgage, while others like to appoint the solicitor first.

Appointing the solicitor in the beginning can save a lot of hassle later on in the process of buying your new home. Now you can apply for the mortgage.

Property valuation and surveying:
Even though properties in the area may have a similar price, there are some things we do not know about the property. Is there any structural damage? Are there any unseen expenses, which is why the seller is planning to sell?

The property valuation and surveying will bring out how much the property is worth. Before a mortgage lender will agree to give you a mortgage, they will need the valuation and surveying done on the property. The real estate professional fees for valuation and surveying vary, and again research can help you find the best prices.

Completing the mortgage application:
You now can speak to your mortgage lender and get confirmation that they are willing to give you a mortgage for the sum needed to buy the home. At this point most of the hard work in the process of buying a home has been accomplished.

When the mortgage lender gives you written confirmation, and the property taken off the market, mortgage finalized, then you can look forward to moving in! If you have aspirations to buy more than 1 property, then the first time experience will be beneficial to you, in the future. The process of buying a home can be a hard one, for the first time.


1 comments:

Joana September 6, 2008 at 2:19 AM  

I never knew, getting a mortgage would be so easy and such a simple process. A couple of months ago, while I was looking for a credible mortgage company, my ex-husband told me about Lenox Home Loans (http://www.lenoxhomeloans.com/). These guys are truly the best as they made the mortgage process a breeze and also gave me the option of setting up the payment plans, as per my convenience. I would recommend that you should definitely visit their website and check out their services for sure.

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