Answers to Common Home Buying Questions in Gilbert, AZ
With easy access to hospitals, an airport, and fantastic shopping, Gilbert, Arizona boasts a tempting lifestyle for almost any personality. If you are looking to buy a home in Gilbert, there are several steps you must take prior to hiring a realtor. Being prepared and working closely with a real estate professional ensures that you can find the perfect home in this rapidly growing town. But with the intricate home buying process, you may still have some questions. Here are some answers to common questions buyer ask in the area:
What Should I Do Before Buying A Home?
As one of the largest purchases of your life, purchasing a home starts with a thorough understanding of your financial situation. Print out a copy of your credit report and go over each item. You want your report to be as accurate as possible. Incorrect information can quickly dash your home purchase dreams. Look at your credit score, ranging from 300 to 850. A higher number garners you a better chance at a home loan with a low interest rate.
Visit a home loan lender and get pre-qualified for a loan. This loan amount dictates the type of home you can afford, from a small condominium to a single family home. Research Gilbert’s community and associated tax rates. Property taxes can be expensive in some select areas. While you prepare yourself financially, save as much money as you can in a checking or savings account. You want a substantial down payment to secure a quality home.
How Much Can I Afford?
Being able to afford a home is more than being able to pay the monthly mortgage payments. Additional fees like closing costs, homeowners association fees, and making your down payment should be factored in when deciding if you can afford a home.
You may want to add in any remodeling costs, including new carpet or paint, if the property needs some additional work. When you purchase a home, all of these costs add up to a monthly payment that you must be able to afford comfortably. Knowing the fees upfront gives you a chance to analyze your financial situation and decide on the best loan amount.
Talk to an Agent about How Much You Can Afford
How Do I Choose The Best Mortgage Loan?
There are a dozen pros and cons to every mortgage loan type. Depending on your living style and future plans, one mortgage could be potentially better for you than another. Talk to a lender today to see which mortgage is right for you. Typically, a loan has a lifespan from 15 to 30 years. Fixed rate mortgages mean your interest is locked in for the duration of the loan — meaning you can expect a consistent mortgage rate every month. Adjustable mortgage rates feature changing rates that are re-evaluated at set times in the loan. The interest rates could rise or fall, depending on the market. But generally, they offer a lower initial interest rate, which homeowners who plan to move out in a few years from buying may benefit from.
What Should I Look For When Deciding On A Community?
Drive around Gilbert to fully understand the community. For families, your primary concern might be the quality of schools around your neighborhood, as well as accessibility to the workplace. For those who love being in the heart of entertainment, maybe finding a place closer to the downtown areas would be to your benefit. Analyze what you want and why you want it make sure the location is the right place for you.
How Do I Make The Right Offer On A Home?
Consult with your agent over the right offer to make. They often know the market conditions best and can give you information about what other homes are valued at. You can also look at what some homes have sold for recently (comparable to yours), and get a good estimate from there. Also, be sure to analyze the seller’s motivations. If they are looking for a quick sale, then you can capitalize on that.
Buying a Home in Gilbert, AZ
Information is key to a successful home purchase. Take what you learned from this article and apply it to your home search. You can view our homes for sale here:
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