Buying a home for the right price is an art form and not a do-it-yourself activity. You want to engage a top real estate professional who knows the market, the true value of the home, the potential of the neighborhood and, in the end, is a proven negotiator. To start the process, you should first choose a lender and get pre-approved, rather than pre-qualified. The difference is your lender has gone beyond opinion, based on your oral interview, and has fleshed out your financial situation in order to “pre-approve” you. This makes a world of difference. With a pre-approval rather than a “pre-qual” your real estate professional will inform the seller and their agent you’re approved, and then ask them if there house is. That’s right, not only does the buyer get approved, but the seller’s home must get approved via inspections and appraisal. Which leads to the three basic items you much collect and assess: the appraisal, the home inspection and the comps. In addition, if you don’t have the cash, you’ll want to pre-qualify for a mortgage. Your credit score and down payment will factor heavily into the interest rate you’ll pay. Your mortgage payment is comprised of   Read more…