Since buying a home is such an important investment, buyers need the right professional to guide them through the experience. That’s where the real estate agent comes in. While a lot of the responsibilities during the house hunt will fall upon the realtor’s shoulders, there are some things that buyers can keep in mind in order to help the process go as smoothly as possible. The following are the top 5 things every real estate broker wish you knew.
Do Not Quit Your Job
Sometimes the time that a person buys their first house also happens to fall around the same time that they’re transitioning careers. Although it might seem obvious to some, not all clients know the importance of refraining from quitting one’s job until after the keys are exchanged. The truth is that several lenders make a habit out of verifying employment of candidates and taking another look at their credit a final time before closing the file. When they do, it’s important that everything seems stable and reliable from their perspective.
Neighborhoods Change Depending on Time of Day
A park by the corner can look like an oasis in the early morning, but the same park can be loud and obnoxious late during the night. In any case, the characteristics of a neighborhood change depending on the time of day. When real estate brokers in San Diego are asked by their clients about neighborhood quality, they always recommend taking a visit during different times a day and doing different kinds of activities. For instance, spend one afternoon with the kids getting ice cream, or play frisbee with the dog one morning. The neighborhood will reveal itself to the buyer step by step.
End-of-Month Closes Might Lead to Low Upfront Costs
Because mortgages are paid in arrears, closures at the beginning of the month mean that the client will have to pay interest for the rest of the month. Buyers shouldn’t let time of month stop them from settling on their dream home, though it is a factor to consider if there is room for play when it’s time to sign.
Large Purchases May Determine Loan Amounts
Sometimes a great deal on layaway (for items like refrigerators, television sets, etc.) are too tempting to resist, especially if the item is necessary for the house. However, clients should realize that these big purchases play a role in determining their loan amounts. Layaway purchases might lower credit score and offset a person’s debt-to-income ratio. If at all possible, purchase these items in full, as this will lead to decreased reserves. In any case, during the buying process, it’s best to speak with the lender before making any big purchases.