Buying a house is no longer a dream – it is a necessity. It means having free rein on the design and feel of the space. It can also be an investment. It can give you excellent returns, as well, should you decide to sell it.
The process of a home purchase in the United States can be disappointing, however. It can be as long as four months or more.
Why It Takes Too Long to Buy a House
Granted, the experience can differ among buyers. There are some who can already move in within 30 days. In many cases, though, it takes months. One of the reasons is the long time it takes to look for a house. A home buyer may spend two months trying to find the right property.
Then they need to make an offer and qualify for a loan from companies such as Deb Klein Team. Some lenders may approve your application within seven days. But the typical length of time is about two weeks. There are times when they can be as long as a month.
The mortgage application process is lengthy. It involves the pre-qualification stage. The lender matches you with its initial criteria to determine if you can proceed to the next steps. They also need to verify your credit history and score.
One of the smart ways to speed up the process is to have access to various types of loans. Companies such as debklein.com can offer mortgages at different interest rates. Besides the regular house loan, you can also shop for FHA loans, which are ideal for people with thin or weak credit. It has a low down payment and income requirement.
The negotiation can also be a long process. It may mean an additional two months. It becomes harder when the property you want already has a potential buyer. The seller needs to wait for the first buyer’s decision before he or she can entertain your offer. It is for this reason that it’s always best to work with real estate agents.
House supply in the United States has been declining over the years. Securing the property you like may be challenging. By getting the right mortgage early and working with a reliable real estate agent, you can be one step ahead of the other buyers.