Placitas, Albuquerque & Rio Rancho Home Buyer FAQ's
Buying a Home in Placitas, Albuquerque & Rio Rancho? Answers to your Frequently Asked Questions.
Answering Your Placitas, Albuquerque & Rio Rancho Home buying Questions
Buying a Placitas, Albuquerque & Rio Rancho home is both thrilling and a bit unnerving especially if you're a first-time home buyer. Both experienced home buyers and first-time buyers alike will benefit from the frequently asked questions below. Before you begin your Placitas, Albuquerque & Rio Rancho home search, it is recommended you prepare yourself for the journey by educating yourself. This will insure you are a knowledgeable home buyer prepared to make a confident home buying decision.Q - I've never purchased a home before. Where should I begin?
A - Actually you've already started the process. Fact-finding and reading articles is a great way to become a smart consumer. The highest priorities before you begin searching for specific areas, neighborhoods, or homes would be to:
- Familiarize yourself with your personal finances.
- Learn about the Placitas, Albuquerque & Rio Rancho real estate market.
- Carefully review your budget and begin to eliminate as much debit as possible.
- Have a down payment and earnest money ready when the time comes to act and make your offer.
Q - With all the bad news about mortgage products and home foreclosures, how do I avoid making a big mistake when deciding which type of loan to select?
A - Once we meet and review your finances along with your home buying needs, you should select a lending consultant. I can recommend several trusted lending professionals or you can choose your own. Having utmost confidence in your lender is important. Be sure you feel completely at ease with your lender. They should speak to you in easy to understand terms. Ask lots of questions and never ever sign any document until you know what you are signing and feel completely at ease signing it. More and more lending professionals are recommending fix interest rate loans and interest rates are still very attractive. Of course, what type of loan is best for you depends on several factors. Here are just a few:
- How much money you have for a down payment?
- How long you plan to live in the home?
- Do you qualify for a FHA or VA loan?