By obtaining pre-approval for your home loan you will know ahead of time exactly what you can afford. You will save yourself time and effort by looking only at houses within your price range. Having pre-approval also places you in a better position when you find the right house and are ready to make an offer. Pre-approval is not the same as pre-qualification, which is based on just a brief look at your finances, whereas home loan pre-approval is based on all the facts, your verified income, the amount of debt you have and your credit history.

To determine exactly what you can afford in terms of price and monthly mortgage payments using one of the online calculators designed for this purpose. Crunch all the numbers including your down payment, monthly income, debts, and regular monthly expenses so you have a realistic picture of what you can and cannot afford.

There is no point in trying to figure out in advance when the best time to buy would be. It’s impossible to predict what the housing market will do and when. When you find a house you love that’s within your price range, then this is the best time to buy. Real estate prices cycle up and down depending on the state of the economy, they go up and then back down again and so on. So if you’re planning on waiting until the time is just right, you may very well lose out on the perfect house.

Your will require that the home be appraised in order to determine whether you are paying what the house is actually worth. However you need to have your own home inspector, someone qualified to fully inspect the home and do a survey of the neighborhood. This inspector should be an experienced engineer capable of uncovering any potential problems with the home and property that could mean expensive repairs now and/or in the future.

Although home buyers in USA can certainly find home listings on the Internet, buyers are certainly better off working with a professional and top realtor. It’s best to work with an agent who works exclusively with buyers so that you know they will work solely on your behalf. A professional buyers’ agent knows the best strategies to employ during the bidding process and when negotiating for the best price.