- Find a realtor that won’t mind submitting multiple low offers in this slow market. Some people have started to fish for a home. To do this, soon-to-be home buyers take all the homes in their price range and submit offers (with lots of contingencies) on all of them at 35-50% of their asking price. Fishers wait patiently until a seller bites and then they hook them.
- 100% financing and interest-only mortgages were popular but you need a down payment to purchase in 2012. Expect 10-20% down payment unless you qualify for a first-time buyer program.
- Find a mortgage professional that will explain all of the pros and cons of your mortgage options. No matter the mortgage program you choose, there are good and bad aspects that must be weighed. The system is simple. Financial institutions know that your home will often be your biggest asset. Lending institutions will work with you to find the best program for you because they want you to make the interest payments. Lenders want you to be successful so that you will pay more interest on the next home. So you must choose, either get pre-approved for a mortgage or sit out.
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