Many people tend to underestimate the time frame of purchasing a home. There are a couple of components to buying a home, which takes preparation time. Everyone wants to be able to find a home and close within a short time frame, but in reality the home buying process doesn’t work that way. Check out a couple of different factors that will have an effect of the length of your home buying experience.
Searching for the Right Home
Searching for the right home takes time. On average, home buyers tend to take between 30-60 days to find their dream home. There are many important factors that home buyers should consider when choosing a home: school district, distance from work, property taxes, neighborhood, etc. You should also consider the housing inventory in your market. If the inventory is currently low, you may want to push back your closing date.
Contract To Close
After agreeing to a contract on your new home, you will enter the next step called contract-to-close. There are two different types of payment method options during this period; cash purchase or financing. Making a cash payment will not only help you save money on closing costs, but will help reduce appraisal fees along with eliminating the risk of being denied for a home loan. Cash buyers are likely to close on a home quicker than a borrower who is interested in refinancing. If you do not have the proper funds to purchase a home, you can look into financing our financing options by visiting our website.
Are you interested in buying a home? Need a reliable loan professional you can trust? Contact one of our loan officers near you to see how you can get pre-qualified on you home today!
Let us show you why it’s easier here at Service First!