Buying a home is one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home price possible with the least amount of stress.
1. Find a good Buyer’s Agent/Realtor®
It’s important to work with an experienced Buyer’s Agent/Realtor® who represents your interests and can guide you through the entire home buying process. Our services and experience range from financing guidance to helping you find the right home to negotiating for the best price and closing on your new home.
Meet Orion Chandler | Realtor®
2. Avoid large credit purchases and changes
Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home even if you have accumuated savings. Your mortgage pre-approval is subject to an evaluation of your financial situation and credit obligations.
Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.
Also, avoid getting new lines of credit, co-signing for another borrower or changing jobs if possible. All of these things can affect your credit rating.
3. Come up with a budget
Determine a comfortable monthly budget for your new home purchase, including down payment and monthly payment to see if you are ready.
4. Get pre-approved
Meet with a loan officer or contact one online to verify how much you will qualify for. A pre-approval letter will let you know how much you can afford, how much your monthly payments and down-payment will be. This allows you to look for homes in your price range and avoid stress later.
By meeting with loan officers in advance and identifying mortgage programs, you’ll be ready when it’s time to make an offer. It won’t be necessary to quickly find a lender, check credit, and rush into a financing decision when you are ready to place an offer on a home.
Next Step: Familiarize Yourself With The Buying Process
The Brewing Realtor 