How to navigate the home-buying process.

Buying a house can be at turns stressful, exciting, agonizing and thrilling.

Navigating that process can also be just as difficult, but real estate agent Tom Gale of Wilmington said having some things in mind, including being organized, can make the whole process go smoother.

1. Get preapproved first

Gale said having an idea of how much house you can afford by getting preapproved for a loan gets you in a good starting position before you start looking at houses.

"What you don't want to do is fall in love with something that is beyond your budget," he said. "Do the numbers part first so you're working within your budget."

A preapproval can also serve another function -- identifying mistakes or stolen identity issues that can be present on a credit report.

"You can get those things corrected before you actually apply for a loan," Gale said.

2. Don't lowball in a seller's market

Gale said the Wilmington area is in a seller's market, especially for homes selling for less than $250,000. Knowing this, he said, buyers should be aware that they likely are not the only ones submitting an offer.

"Offer whatever number it is where you're not going to regret it later if you miss out," he said.

3. Banks vs. mortgage brokers

Gale said buyers vary on whether they work with banks directly, in which buyers shop for and apply for loans themselves, or with mortgage brokers, which shop lenders on your behalf. Each has advantages and disadvantages, he said, including fees and convenience.

Gale said he recommends using a broker but that, whichever way a buyer goes, "go with someone local" so you have a local, easy-to-reach representative who also is familiar with the region.

4. Get a buying agent

Gale said he recommends using a buying agent to save you time and energy while searching for a home. He likened it to having an advocate who understands the housing market and help you search among 10 homes instead of 30.

"They can narrow things down and make your search better," he said. "That way, you're not wasting a lot of time."

5. Don't lie to a lender

If the parents are helping out with a down payment, don't repay it later. There are ways to borrow money for a down payment, but it is illegal to report money provided by relatives as a gift and then repay it.

"You don't want to mess with loan fraud. That will mean jail time," Gale said.

6. Don't skip the inspection and survey

Gale said many buyers are leery of the hundreds of dollars in upfront costs that can come with a home inspection and survey before buying a house. That can pose problems, he said, as inspections and surveys can pick up issues that become the buyer's headache if discovered after the deed transfer.

"I'd rather find out my driveway is on someone else's property before I buy it than after," he said.

7. Get financial documents in order

Getting an actual mortgage, even nearly a decade after the market crashed in 2008, is a far more difficult process than the preapproval recommended earlier.

"It used to be if you could fog a mirror, you could get a loan," Gale said. "Now ... they will put you through the ringer to make sure you can afford it."

To make the process faster, have pay stubs and bank statements ready to go and quickly get any requested information back to loan officers, who likely will ask for supporting documents for a host of financial issues associated with a mortgage, Gale said.

"Buyers willing to be proactive ... are going to have a much smoother process."
