Nikki Carter's Blog
When you’re ready to buy a home, there’s an anxious excitement that’s within you, making you feel like a small child on Christmas night. One question that is probably burned in your mind throughout the home search process is, “How long is this going to take?”
If you’re a first-time home buyer, you’ll likely be using some programs through the Federal Housing Administration, also known as the FHA. With any kind of home loan, there’s many variables that can affect how long the process will take. This can be due to many factors including the seller’s circumstances and the nature of your loan.
When you’re securing a home loan backed by the FHA, you may wonder how long it’s going to take for the entire process to finish from beginning to end.
Variables That Affect The Loan Process
This is one of the variables that can fluctuate the most in the home loan process. Once you have found the home that you love, the lending process can take a few weeks beyond the point where you sign a contract. This part could entail many different steps that may become hurdles for you as a borrower. Your loan officer can also have an impact on the length of the process. Some loan people are just faster than others!
Keep in mind that you can’t close on an FHA loan until you get through the underwriting process. In the underwriting process for an FHA loan, it will be assured that you meet all of the criteria necessary for securing the loan, such as the standards that have been established by the HUD (Department Of Housing and Urban Development).
Closing On An FHA Loan
While it’s difficult to say the exact amount of time that it will take for a loan to process, there’s some things you can do ahead of time to prepare. If you apply for an FHA loan before you have even found a home, you’ll expedite the process a bit. If you have been pre-approved prior to making an offer on a home, you’ll likely be in a better position than if you haven’t yet met with a lender. This will also make the underwriting process move a bit faster for you, provided there aren’t any major red flags on your paperwork.
FHA appraisals do differ a bit from appraisals for a home with a more conventional loan. With an FHA appraisal, the appraiser must look for things in two main areas including any health and safety issues and determine the market value of the property as well. This process will most likely only take a few days. Part of the appraisal process may include the appraiser looking at similar properties in the area in order to get a bit of a comparison on the value of the property.
Can You Speed It Up?
If you have everything in order before you even decide that you’re ready to go on the house hunt, you’ll discover that the process of securing an FHA loan will be a bit smoother. Talk to a lender before you start the process so you can familiarize yourself with the requirements. Once you can present the lender with the right documents, they’ll be able to do their job with little intervention on your part.
Building a fence on your property can be a great way to secure privacy, add curb appeal, or give your kids and dog a great way to play safely. There are a few things that you should know about building a fence before you take the project on. You need to be sure that everything is in place so that the project will go smoothly.
Know What You Want
If you know the purpose of the fence, you’ll need to decide on the type of fence that will best serve what you’re looking to achieve. If you live in an area governed by an HOA for example, you may need to get clearance just to start the project. The Association may have rules and regulations as to what type of fence they’ll allow you to put up. Many variables should be answered before you leap into the project of building a fence.
Decide On The Materials The Fence Will Be Made From
Once you know the type of fence you need, you’ll choose what that fence will be made of. If you get a wood fence, that may require a bit more maintenance than other types of fences. Materials you can choose from include:
There are many advantages and disadvantages to these materials so do your research and discover which one will be best for you. You can even mix and match fencing materials. You may be able to use one type of fencing material in the front of your home and another kind of fencing in the back. You can get as creative as you need to be.
Use Natural Borders
If fencing isn’t your thing, you can create borders around your property using natural barriers like shrubs, bushes, or trees. Using natural barriers is a surefire way to add curb appeal and gain some privacy as well.
Research Fencing Types
As with anything in your home, a little research can go a long way. You want to take the time to see what the best kind of fence is for you to put up. Another thing to do before you put up a fence is to talk with your neighbors. You don’t want to start a big project that will be right on their property line and get them upset with you. Depending on the nature of your neighborhood, you may even need a written agreement with your neighbors before you build a fence.
Buying a house should be a fast, seamless process. However, problems sometimes may arise that prevent you from acquiring your dream house in a timely fashion.
Ultimately, it is important to be proactive to minimize the risk of encountering time-consuming hurdles during the homebuying process. Fortunately, we're here to help you identify and address such problems before they can slow you down.
Let's take a look at three tips to help you avoid delays as you pursue your dream residence.
1. Enter the Housing Market with a Plan in Hand
An informed homebuyer is better equipped than others to enjoy a successful homebuying journey. In fact, this buyer should have no trouble narrowing his or her homebuying criteria to speed up the homebuying cycle.
When it comes to purchasing a house, it helps to consider what you want to find in your dream residence. That way, you can enter the housing market with a list of homebuying criteria in hand and tailor your house search accordingly.
Remember, it is your duty as a homebuyer to do everything possible to find your ideal residence. If you narrow your house search, you can focus on finding a home that matches your expectations. And once you discover your dream house, you can quickly submit a competitive homebuying proposal.
2. Get Your Home Financing in Order
Getting pre-approved for a mortgage can make a world of difference for a homebuyer. If a homebuyer receives pre-approval for a mortgage, this individual will know exactly how much he or she can spend on a residence. As a result, this buyer can explore residences that fall within a specific price range, increasing the likelihood of a fast homebuying journey.
To obtain a mortgage, a homebuyer should meet with several banks and credit unions. These financial institutions can teach a homebuyer about a broad array of mortgage options. Perhaps most important, each lender can help a homebuyer weigh the pros and cons of assorted mortgage options and ensure a buyer can make an informed mortgage decision.
3. Collaborate with an Expert Real Estate Agent
There is no need to let problems escalate that otherwise could slow down the homebuying journey. Fortunately, if you hire an expert real estate agent, you can get the help you need to accelerate the homebuying cycle.
An expert real estate agent understands the ins and outs of buying a house, and as such, will make it simple for you to streamline the homebuying process. He or she will offer lots of recommendations as you pursue your dream house. Plus, when you discover your ideal residence, a real estate agent will help you submit a competitive offer right away.
The homebuying journey can be long and complex, particularly for a homebuyer who chooses to work alone. But if you employ an expert real estate agent, you can receive plenty of support as you navigate the homebuying journey.
Ready to acquire your ideal residence? Use the aforementioned tips, and you can reduce the risk of encountering time-intensive obstacles as you search for your dream home.
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