3 Helpful Tips to Make Your New Home Purchase Go Smoothly

A new home purchase can be one of the most exciting times in your life. A certain amount of pride comes with home ownership. However, there are a lot of things that can get in the way and make the event stressful. Here are a few tips to help your new home purchase go smoothly.

1. Get Pre-Approved

When you start to shop for a new home, get pre-approved by your preferred mortgage lender before you go out shopping. This is a great way to cut down on time once you find a house. At that point, you won't have to go through the normal process that everyone else does. You make an offer on your house and once it is accepted, you're ready to go. The bank has less paperwork to do after you find the house you want and the transaction goes through quicker. 

2. Have an Inspection

One way to save yourself some problems on the front end is to have a house inspection on the potential property. When you select a property, one of the first things you need to do is have a home inspection done. This can help you avoid any serious problems with the house itself. For example, let's say that the house you are about to buy has a serious foundation problem or toxic mold. These types of problems can cost you a lot of money and headaches. You could end up spending much more on the house than you can afford. If you wait until you move into the house to find out that you have carbon monoxide gas or something else, it could be terrible news. 

3. Choose the Right Mortgage

One of the biggest parts of the home sale is the mortgage that you choose. If you choose the wrong mortgage, it could end up costing you a lot of money and headaches. There are a number of mortgage products that are available and choosing the right one for your situation is critical.

A 30-year fixed mortgage is usually the ideal choice if you plan on being in your house for an extended period of time. Many people are swayed into selecting an adjustable rate mortgage because of the lower payment. Unless you plan on being in the house less than five years, this is usually a risky move. You can end up at a disadvantage if the interest rate goes up after the fixed interest rate period. Your payment could double in a short period of time and leave you in over your head. Make sure that you look at all the aspects of the mortgage before agreeing to the terms.