Buying a home is a complicated process, and many people find the number of factors involved in the process to be overwhelming. Because your mortgage terms will be based on your financial situation at the time you apply, what you do while applying for a mortgage can have a real effect on the mortgage and rate you will actually get. Taking a few precautions while you prepare for your mortgage application—and avoiding several mistakes—may help you get better terms on your loan. The PorchLight Real Estate Group of Denver, Colorado, offers these guidelines.
Timing is one of the tricky parts of buying a home. Having the money to buy a new home can depend on when you sell your current house. Buying and selling out of sync can make for complicated situations and even cause deals to fall through. The process of buying a new home and selling your current one is difficult enough without having to worry that you won’t be able to afford your perfect house because you don’t yet have a buyer for your existing home. The PorchLight Real Estate Group of Denver, Colorado, suggests some strategies you can use to buy before you sell.