Purchasing your first home can be one of the most exciting things you’ll ever do. It can also become very overwhelming. While no two situations are alike, there are steps you can take to ensure your process goes well.
Evaluate your present financial standing. Get copies of your credit report several months before you start searching, and strategize how you can fix any problems ahead of time.
Pre-Approval is important because it lets you know how the lender views your financial situation. A good loan officer will help you figure out what you can reasonably expect to pay each month of your new home.
Educate Yourself about the mortgage process. While your loan officer will be able to answer your questions, do a little digging yourself to make sure you’re asking the right questions.
Figure Out your down payment. If you have more than 10 percent, fantastic! If you don’t, there are many different options for loans and even several down payment assistance programs you may qualify for.
Research the home’s history. Hire a private to inspector so you can avoid any costly repairs in the future. Make sure that there are permits on any renovations to ensure that they were properly inspected.
Find a licensed real estate broker who is an expert in the local market you are interested in. familiar with the area in which you are searching. A hyper-local agent will be able to tell you what’s available, what you can expect to pay and what’s worth buying in the area.
A good real estate agent will be able to guide you through the process, answer all of your questions and hopefully make your transition to homeownership as smooth as possible.