Recent studies have discovered that the timeframe for buying a home can be anywhere between two to six months. While waiting two months is manageable, waiting for six can push even the most patient homeowner to their limits. If you’re relocating, starting a new job or just eager to move in, this time frame won’t always work in your favor. The home buying process is notoriously stressful, and any delay will only add to your frustration. So is there anything you can do to speed up the process? Well, in fact, there is. If you don’t have the luxury of time or are extremely impatient, here are some tricks you can use to move in sooner rather than later.
Improve your credit score
Credit scores are becoming an increasingly important aspect of the home buying process. Mortgage lenders will assess your score to ensure you are a reliable person who is able to make regular repayments. However, if your score is not up to scratch, this could result in you being denied the loan you require. This can add more time onto the process, while also being frustrating. To avoid this, you need to start improving your score. You can do this a number of ways from making payments on time to clearing old debts. Check your credit report online to see where you stand and to ensure it contains no errors.
Sell your home before you buy
Many homeowners choose to sell their homes only when they have found the house they want to buy. While this is a common tactic to use, it can also prolong the home buying and selling process. For instance, you might find it difficult to sell your home in the current market. This can then cause the seller to lose interest and accept an offer from another buyer. However, if you sell your home before you start looking, this can significantly reduce the amount of delays you experience. Once you’ve sold your home, you have the funds upfront to start your search. This can be encouraging to the seller and make them more eager to proceed. You can also use house or apartment locators to help you find a property to rent in the meantime.
Get an early mortgage approval
A lot of homeowners make the mistake of thinking that they can only apply for a loan once they find a property. However, this is not true. You can apply for a loan from a lender before you even start looking at houses. This is commonly referred to as an agreement in principle and outlines what your mortgage involves. These can be valid for up to ninety days, which gives you up to three months to find a property. This is a fantastic solution if you’re short on time and need to buy quickly. Pre-approved mortgages are also appealing for sellers who want a quick sale. Just remember to consider your mortgage options carefully to ensure your repayments don’t break the bank.
The key to speeding up the process is planning as far in advance as you possibly can. Consider what you want and if there are any pitfalls you can avoid along the way. That way you can reduce your stress and get the process moving along more quickly.
How useful was this post?
Click on a star to rate it!