Making the decision to buy a home can be quite daunting. Determining whether you are making the right investment in a home that will last for years to come is the main question for most home buyers. The great news is that Buy-Rite Homes is the perfect place to answer this critical question and find your perfect home investment!
Buy-Rite's homes are a stylish, safe and, most importantly, an affordable option for home buyers like you to achieve your goals of homeownership. Our homes provide strength and durability for any climate. Plus, our manufactured homes have hundreds of customizable options available, including energy efficient features that could potentially save you money in the future!
A Personalized Home Buying Process
The process to purchase a new home from Buy-Rite homes will vary from customer to customer. A typical question home center consultants often get is, “How long does it take to build a manufactured home?” The answer varies based on the home building facility and other factors.
And then there’s the question, “How long will it take to get my new manufactured home?” This varies from customer to customer based on several factors in the home buying process, including the timing of home financing. In many cases, obtaining an approval for home financing can be the longest part of the home buying experience. But there are several ways to help make the entire process easier and get into your Buy-Rite dream home faster!
Budget for Your Dream Home
Establish a firm and realistic budget before looking at homes. Knowing what you can reasonably afford can be estimated if you take the time to create a list of your current monthly expenses.
These monthly expenses can range from utilities to food, travel, school loans, entertainment, medical expenses and charity. Comparing your monthly expenses to your monthly income can help you estimate your available income for housing and then a proper price range for your dream home.
Get Pre-approved, Not Just Pre-qualified
Many home buyers may not consider this, but many lenders may be able to help you get pre-qualified for a mortgage even before stepping inside a home center. A pre-qualification requires a short conversation with your lender and perhaps a peek at your credit score.
If you are able to pre-qualify, then you may also want to look into obtaining a pre-approval from a lender, which can help you close even quicker! A preapproval can help you determine what you can afford before selecting a home.
A pre-approval from a lender that you choose provides that lender’s estimate of what loan amount you are approved for, although it does not eliminate all loan underwriting concerns that will still need to be addressed before you are fully approved.
Communicate Clearly with Your Lender
Realize that the lender that you choose to finance your home purchase is in control of and responsible for the processing of your home loan application, not the home center. Make sure your communications with your lender are clear and open so they get everything they need.
Your home center representatives are not involved in the processing of a loan application you have submitted to a lender, so clearly understanding the details of your home loan and relationship to your lender is essential.
Buy with Cash
Saving up for a down payment (which reduces the loan amount you will need) may help you secure financing more quickly and get you into your new home quicker. And ultimately, if you are financially able, paying for your home in cash will help you avoid the entire lending process!
Have Everything Lined Up in Advance
Ask your lender for a list of items (documents and records) you will need to provide to them. Get organized and put together a complete package of documents that you may need to provide to your lender. These items may include W-2 forms from the most recent year and prior years, proof of employment and your bank statements. It is always good to make sure to pay all your bills on time as well!
Do Your Research
Make sure to understand all your options before beginning the home buying journey. Choose and talk to a few lenders who can clearly explain all the different kinds of home loan options available to you. Talk with friends and relatives and do your research to find lenders who can provide quality financing at competitive rates.
Ask Tons of Questions
Don’t be afraid to ask questions. There is no bad question! At Buy-Rite Homes, home consultants specialize in helping home buyers through the entire home buying process. Professionals are here to help you and your family find the home of your dreams!
Following these tips should help make your home buying process go smoothly and help you and your family get into a wonderful new manufactured or modular home.
Article Courtesy of ClaytonHomes.com