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Properly approaching a home purchase can save consumers money, time

Posted on Monday, April 22, 2013 at 9:01:03 AM

Within its recently released December CoreLogic Home Price Index, the online real estate information provider announced national housing prices had increased markedly for the last 10 consecutive months. According to the organization, average prices in December 2012 were more than 8 percent higher than those logged during December 2011.

As the American economy shows signs of continued strengthening, consumers may be finding themselves in increasingly better positions to acquire residential financing and purchase property. However, for many home buyers, there are a number of aspects that need to be considered when looking to buy a house for the best price. 

"Gaining pre-approval for a mortgage prior to making an offer on a new home is one of the most important things a prospective home buyer can do," said Daniel A. Murphy, loan origination manager at Home Loan Investment Bank. "The pre-approval sets you apart as a serious buyer who is ready to do business and can close in a reasonable amount of time. When prospective home buyers shop for a home before getting pre-approved they run the risk of looking in the wrong price which will frustrate the process for all parties."

HLIB, which has been in operation for decades and helped thousands of individuals along the path to homeownership, offers clients a wide variety of lending options which help to facilitate the purchase process from its early stages.

"Aside from the initial purchase, some special financing programs can pay for renovations and even appliances," Murphy said. "For example, the FHA Streamline 203K allows for up to $35,000 in renovations with a relatively small amount of paperwork."