Currently potential homebuyers have the opportunity of purchasing a home with low mortgage interest rates. Now is a great time to take advantage of these rates. If you are thinking of taking advantage of this market opportunity Molson Law Firm has a few tips to give you on your real estate journey.
As with any large investment, there are steps you can take to prepare yourself for your commitment. You first need to ask yourself if you are truly prepared and ready for a commitment of this stature. This needs to be a healthy decision between yourself and whomever you are making this purchase with.
Once you decide you are ready to enter the market for a home it is important to get preapproved for a mortgage. It is important that when you know you have the option to shop around for mortgage rates. As you speak with lenders you will most likely receive a document that states it is NOT a loan estimate, however it will detail the fees for working with the specific lender.
This preapproval will be based on your credit history as well as the percentage you plan on having as a down payment and miscellaneous other factors. You do not have to have a property address in order to start the pre-approval proves.
After you get preapproved and work with a mortgage lender. Often people immediately move onto working with a real estate broker, but before you do so you are also welcome to shop around for attorneys. If you wait until you start working with a broker, the real estate agent will advise that you work with an attorney that they often send business to. This creates some convenience for the broker and the attorney, however you may not connect well with the suggested attorney. It is important that you know you are assembling a team for your purchase and you have control over these members.
Next, you can add your real estate broker to your team. Upon finding the home of your dreams, your broker will handle negotiations with the seller’s agent to reach a price that is comfortable for both the seller and buyer. After you have locked in on a price, it is adamant that you send your contract to your hired attorney. If you have yet to do so, you must hire a real estate attorney immediately. Once the you and the seller sign a contract with your broker you have three business days to begin what is called in New Jersey an attorney review period. During this period your attorney and the seller’s attorney will work together to negotiate the rest of the terms of the contract.
Once the attorney review period is over your attorney will then help make sure all the parties are in compliance with the new residential closing rules. Your attorney will also negotiate inspection results and will guide you through the closing process.
Your real estate attorney is the only party who is unbiased in the transaction. Your attorney is there to watch out for your best interest and to make sure that any worries you have are dissipated. You can call your attorney with any questions regarding your real estate transaction. He or She will in return tell you things that maybe you had not thought of and will help get you into your home comfortably and timely after resolving all questionable issues.
The Molson Law Firm can help answer your questions. If you are thinking about purchasing a home or are starting the purchase process feel free to contact Attorney Molson to schedule a meeting to discuss your questions.