After the Coronavirus: How to Find a Home in Lehigh Valley, PA
How to find and finance your dream home is a process that can be complex during the best of times. As the impact of the Coronavirus pandemic begins to wane, the answer to the question of how to find a home in Lehigh Valley, PA includes many of the same steps you would have followed before the pandemic.
Let’s review the steps for finding and financing a home in Lehigh Valley, PA after the Coronavirus.
Create a Realistic Budget
Home mortgage lenders typically work with buyers that want to purchase a house that is no more than five times their annual household income. Most lenders prefer buyers that can afford to put down at least 20% up front. Before you do anything, you have to create a budget that presents accurate information about how much you can afford to finance the purchase of a new house.
Research, Research, and More Research
Many of us have complained about the large amount of free time we have experienced during the pandemic. As we approach the post-Coronavirus era, you still have time to conduct extensive research on several properties in towns such as Bethlehem, Pennsylvania. Research forms the foundation of every home buying process.
Know What’s Going on in Pennsylvania
Although COVID-19 will eventually find itself off the lead story of the nightly news, you will still have to stay abreast of how the state of Pennsylvania is handling mitigation efforts. You might have to continue taking virtual home tours for a while longer, as well as abide by other mitigation efforts like social distancing and wearing a mask during in person home tours.
Preapproval is the Key
After you determine how much you can afford for taking out a home mortgage, the next financial step in the home buying process to gain preapproval on a loan. To receive preapproval for a home mortgage, you will submit to your lender personal financial information that includes paycheck stubs, W-2 statements, and monthly bank account statements. The lender will review the personal information before making a decision on preapproving the mortgage.
Receive an Appraisal
You mortgage lender will send a state licensed appraiser to assess the value of the home that you want to buy. The appraiser does not work for the lender, but instead, he or she is employed by an independent third party to ensure legitimacy. An appraisal will give you the peace of mind you need to have to know you are paying fair market value for the home.
Work with Your Lender to Draft the Best Loan
The best lenders offer a wide variety of home mortgage loans that meet the financial needs of different customers. You can expect to have numerous questions during the home buying process, and you want to work with a lender that not only has the right answers, but can also direct you to the most affordable mortgage to finance the home of your dreams. There are several lenders in the Lehigh Valley region that offer competitively priced mortgages.
Close the Deal
Now, the time has come to close the deal.
The first item on the to do list for closing the deal is organizing all the paperwork required to process the mortgage loan, as well as to purchase the home. You want to make sure the seller is the lawful owner of the house. Then, you have to sign all the paperwork needed to finalize the purchase of the home. It usually takes a few days for your lender to fund the mortgage. When that is done, you are set to plan the long anticipated move into your new house.
Have a question about buying or selling a home in the Lehigh Valley? Email us today!
