How do I get the best deal on a home? Where do I start? Part 4

It is essential that you understand some of the pitfalls of mortgage loans when making the determination as to which is the best loan for you. You should be very familiar with each loan program you are considering.

In the rather lengthy Parts 2 and 3 we discussed several loans, how they work and some of the pitfalls related to each. Naturally, you should discuss these loans with your loan consultant in detail. Make sure you are completely comfortable before making the decision.

You have communicated with a loan consultant and narrowed your selection to a loan package that you can live with—NO UNPLEASANT SURPRISES. NO PREPAYMENT PENALTIES.

You should have a fairly good idea what your payments are going to be and, although you are not excited about having to pay so much, you can live with the payment. You will have a good idea of what price range you should be looking in. You will be able to obtain a pre-qualification letter from your loan consultant.

(A pre-approval is better. That means that your financial information has been verified and there are no skeletons in your financial closet.)

Armed with the knowledge about what you can afford, it is time to start looking for THE HOME.

Remember the old adage, location, location, location. If you buy in the very best area that you can afford, your property will tend to maintain it’s value and appreciate more over time. A smaller, older home in a better area is a better selection than a new home in a questionable area.

Almost everyone starts looking on the Internet. There are thousands of real estate related sites out there. Select one that you feel comfortable using. Naturally, I recommend two web sites,

http://www.BuyYourVilla.com

and/or

http://www.BMikeWest.com

They are both my web sites and provide access to EVERY property available on the Realtor’s MLS in our seven county area. They also provide information about our local area as well as information about the real estate buying and financing process.

While you are performing your property search, try changing your search criteria just a little in one or two categories. You will be amazed at the difference in your search results.

Note that most property search sites require that you enter your name and e-mail address. Not so on my web site.

Stay tuned for Part 6 Enjoy your search!