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How To Make a Great Offer on a Home 

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Over 6 million homes sold in the US in 2021 and that figure is predicted to rise significantly this year. With the market so hot, how can you ensure that you make a great offer on your next dream home?

Dial in Your Credit

Make sure your credit is dialed: get your free credit report from annualcreditreport.com and review your credit history. These reports are similar to what a lender will see, so you know where you stand and might have room for improvement or cleanup. You have a right to dispute any inaccurate information in your credit report.  If you find mistakes on your credit report, contact one of the following consumer reporting agencies - Equifax, Experian, or Transunion. For more information about credit reports and your rights under federal law, visit the Consumer Financial Protection Bureau's website at www.consumerfinance.gov/learnmore.

Be Prepared

Get pre-qualified or pre-approved: it’s important to know how much you can borrow so you can search for homes at the right price point. Additionally, with this in hand, sellers know you’re serious about buying and you’re one step closer to obtaining a funded loan.

Get Professional Help

You don’t have to go it alone. Build a team of professionals that can help you every step of the way.  You should have a real estate agent represent you, a mortgage loan officer and home inspector. Other professionals include home appraisers and escrow officers.

Don’t Max Out

Avoid offering the full amount you’re pre-approved or pre-qualified for. Try to leave some wiggle room for negotiations. It’ll also mean your budget is safe if interest rates change before you lock in the deal.

Consider All Costs

The listed price for any given house doesn’t tell the whole story. Added costs can pile up quickly, with extras like closing costs, homeowner’s association fees and home improvements potentially eating further into your budget. Make sure you take into account the many possible costs beyond the listing price.

If you’re looking to purchase a home and want more information visit our Home Lending educational page.