How to Find a Home and the Right Mortgage

fff1Shopping for a new house can be very emotional and exciting, especially if you are a new buyer. The vast majority of people shopping for new homes perform their searches online. Website listings allow users to look for properties by City, Zip Code, neighborhood, price and home size and style among other pre-defined search criterion. The leading real estate sites include Trulia, Zillow and

If you are interested in foreclosed homes, you can check any of the major real estate websites as well as sites like Fannie Mae’s HomePath and Freddie Mac’s foreclosed hub, HomeSteps. HomePath usually lists properties 20 days ahead before they are offered to real estate investors. Below is a list of 4 things you need to consider when shopping for a home.

1. Check mortgage rates and housing market outlook: The mortgage rates often determines the cost of mortgage; for this reason, it is important to check the interest rates set by the Federal Reserve and analyze the housing market outlook in the state where you want to buy a home.

2. Understand if you are in a sellers or buyers market: A homeowner is likely to accept a lower offer, if there more homes on the market than buyers. On the other hand, if the demand for houses is higher in your targeted area, home prices will likely rise. One strategy of overcoming this challenge is waiting for the housing market to cool before moving in.

3. Get a mortgage pre-approval to expedite the purchasing process: Getting pre-approved for a mortgage before going out on a search will save you a lot of time and energy because your focus will be firmly on the houses that fall in your price range. Once you find the right home, you will also have a mortgage ready.

4. Put down payment: Before making any house purchase, most lenders demand a 20% down payment on the home’s value. This is critical because it will give a stake in the house and allow the bank covers the rest of the payments. The mortgage from the bank will also cushion you against any adverse fluctuations in the value of the property.

Getting the Right Mortgage
The other important factors to look for when shopping for a home include; assessing the value of the home, performing home inspection and analyzing the cost associated with closing the deal. Flagship Financial is a leading mortgage lender and broker. Most of my friends, especially first time homeowners, have received a lot of support from the lender. Flagship Financial stands out because of the following advantages:
• Friendly and knowledgeable staff
• High level of professionalism
• Focus on VA
• Offer competitive rates
• Fast and easy refinancing options

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