New Year’s Resolutions to Be a Savvy Homebuyer

After a chaotic year in real estate full of home buyers scrambling to scoop up properties while prices shot through the roof, economists predict the 2022 market to be slightly more forgiving. Industry groups expect the supply of for-sale homes to increase while home prices rise at a slower rate. However, if you hope to buy a new home this coming year, now is the time to muster up some stamina and a solid strategy. 


Have you been searching for a new home but still feel nervous to jump into the deep end? The New Year is the perfect time to create a realistic and achievable game plan to buy a house. 


While the 2022 market may be slightly easier to navigate than last year’s market, thorough preparation is key for a smooth home buying & closing experience. Read on for True Concept Title’s tips to be a savvy homebuyer in the New Year. 


A pile of money is sitting on top of a laptop keyboard.


Save Up for a Down Payment 


Depending on the cost of the home you want to buy, you will most likely have to take out a mortgage loan from a bank. You will need to have approximately 3-20% of the loan saved up as a down payment and an additional 1-3% for closing costs

 

If you foresee yourself buying a home in the next few years, an effective New Year’s resolution could be a plan to save your down payment in 12 to 24 months. Create a high yield savings account and deposit $500 to $1000 per month by picking up more hours, trading down to a cheaper car, or budgeting better. Over time, you will take a big step closer to your new home. 

 

We want to see you in a new home in the New Year. Call our Tampa-based team at True Concept Title to learn about our mortgage partners and our title, escrow, and closing services.  


You will need to have approximately 3-20% of the loan saved up as a down payment and an additional 1-3% for closing costs. 


Prepare Your Finances for Homeownership   


Before buying a home, you must have a complete picture of your income, expenses, and other finances. Usually, you need to get preapproved for a loan by a lender for an estimate on how much you can spend. Keep in mind that lenders prefer a stable track record of around two years, so don’t make any sudden job or income changes. 


When contacting a lender, have the following information prepared: 


  • Your monthly income 
  • The sum of your total monthly debt payments (auto loans, student loans, credit card minimum payments) 
  • Your credit score and any credit issues in the past few years 
  • How much money you have available to put down 


Make it a New Year’s goal to organize your finances in a way that can be easily understood by yourself, lenders, and agents. Utilize tools such as Microsoft Excel, Google Sheets, and financial tracking apps to save yourself a headache. 


Secure a Real Estate Agent 

 

As soon as you decide you want to buy a home, find a real estate agent who you can trust and rely on. With a thorough search, you will find the agent who suits your needs. 


Once you’ve found the right person, place your trust in them and heed their advice. They often have the best recommendations for attorneys, mortgage professionals, and home inspectors and better understand the home buying process than anyone. 


Learn More > The Transition from Renting to Ownership 


Act Swiftly  


If you think a home is perfect, chances are someone else may too – especially in a hot market. If you’ve fallen in love with a particular property, don’t hesitate to make an offer or risk losing it. The New Year is a better time than ever to stop procrastinating on purchasing a property. 


Enjoy the Homebuying Process 


Although the home buying process can be a daunting experience, remember that it’s also supposed to be fun. This is an exciting time in your life; lighten the pressure as much as possible by leaning on experts in the field. 


We’ll work with your real estate team so you can relax and take time to explore your new neighborhood. Check out the local scene—dining, parks, and entertainment—you’ll get a better feel for the area and perhaps make some new friends while doing so. 


In a Seller’s Market? > Tips for Buyers 


A notebook , pen , envelope , and earrings are on a table.


Purchase Title Insurance through True Concept Title 


We understand that this is a monumental purchase. For first-time buyers, this is a big life moment as well. Once you’ve found the perfect home and are ready to close the deal, you should do everything in your power to ensure ownership is properly and legally transferred to your name. 


Title insurance protects your home investment against potential legal issues that may arise during closing. 


When the time comes to close and make the home yours, remember you have a choice in title. True Concept Title is here to protect you throughout the homebuying process. We support you with top-of-the-line title insurance and escrow services. Let us provide our convenient mobile closing services


Contact our Tampa, Florida-based national title, and escrow specialists at True Concept Title today — 813-263-7168!  

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In an age where technology continuously reshapes how we conduct transactions, e-closings, and digital signatures have emerged as transformative forces in the real estate industry. These innovations streamline the buying and selling process, offering numerous advantages over traditional paper-based closings. At True Concept Title Company , we embrace these advancements to provide clients with a seamless and efficient closing experience. Here’s a closer look at the key benefits of e-closings and digital signatures. Convenience and Accessibility One of the most significant advantages of e-closings is their unparalleled convenience. Digital transactions eliminate the need for all parties to gather in person, allowing buyers, sellers, and agents to close deals from virtually anywhere in the world. This flexibility is particularly beneficial for individuals with tight schedules or those living in different locations. E-closings also empower you to review documents at your own pace. You can sign digital documents securely at a time that suits you, reducing the pressure to finalize everything in a meeting. This convenience translates to a more relaxed and stress-free experience for everyone involved. Enhanced Security Measures Digital signatures offer enhanced security features that protect the integrity of your documents. Electronic transactions often utilize encryption and secure identities to ensure that signatures are genuine and documents aren't altered post-signature. Many e-closing platforms offer audit trails , allowing you to trace every step of the signing process. This transparency provides peace of mind, as both parties can verify the authenticity of the documents and who accessed them. Additionally, digital storage of these documents reduces the risk of loss or damage compared to physical papers. Increased Efficiency and Speed E-closings significantly expedite closing, reducing the time to finalize real estate transactions. By eliminating the back-and-forth associated with mailing documents, closings can be completed more rapidly. This speed is particularly useful in competitive markets where timing can influence the success of a deal. Furthermore, e-closings streamline communication between all parties involved. Any changes or updates can be managed in real time, ensuring everyone stays informed and on the same page and reducing the likelihood of miscommunication. Environmentally Friendly Practices The shift from paper-based transactions to digital signatures contributes to more sustainable and environmentally friendly business practices . By minimizing the need for printed documents, e-closings help reduce paper use and the carbon footprint of transporting physical documents. This eco-friendly approach is becoming increasingly important to clients conscious of their environmental impact. By adopting digital solutions, you contribute to a more sustainable future while enjoying the benefits of modern technology. Cost Savings E-closings can also lead to significant cost savings. By reducing the need for physical resources such as paper, printing, and postage, you can cut down on these expenses. Additionally, the increased efficiency of digital processes can save on administrative and labor costs. Moreover, fewer errors occur in digital processing, reducing costs associated with correcting mistakes commonly encountered in manual paperwork processing. Conclusion: As the real estate industry evolves, embracing e-closings and digital signatures represents a move towards greater efficiency, security, and convenience. At True Concept Title Company, we are committed to leveraging these technologies to enhance your closing experience. Whether buying or selling, consider opting for an e-closing to enjoy its many benefits. Ready to experience the convenience of e-closings and digital signatures? Contact True Concept Title Company today to learn how we can simplify your home transaction process with the latest digital solutions. Embrace the future of real estate with us!