Resources for Buyers
Things to Consider Before Buying a Home
- Save Your Pennies – The up-front costs of buying a home may be higher than expected for many buyers. You’ll need to save up not just for your down payment, but also for closing costs, inspection fees, and the cost to move. What some buyers don’t know is that you don’t need a 20% down payment in order to purchase a home. To qualify for a Federal Housing Administration (FHA) insured mortgage, the smallest down payment acceptable is 3.5%! I can help with estimating the up-front amount needed so you’re ready and comfortable to begin your home search.
- Check Your Credit – Your credit is crucial when applying for a loan; the better your score, the lower your interest rates will be. Be sure to check all three major credit reporting companies: Experian, Equifax, and TransUnion, and find out whether there are any discrepancies on your report or where you can improve. Make sure you make copies of your credit report as well and check your score well in advance of applying for loans
- Find a Lender – Most people need to take out a loan when buying a home, and you’ll want to be prepared to make an offer when you find that perfect home. It’s important to be sure that you’re approved for a loan before you start looking at homes so you don’t miss out on any opportunities. If you need help finding a lender, I can recommend trusted lenders near you.
- Price Range – Calculate what’s realistic for you before considering different areas to live to be sure you stay within your budget. Use the simple online mortgage payment calculator to estimate how much house your desired monthly payment and down payment will qualify you for. Once you have a general idea of your range, reach out to your lender and get pre-approved for your loan.
- Research – Finding the right home can be time-consuming, but it’s important to consider everything before you decide. Make a list of your favorite neighborhoods, what kind of home features you can’t live without, and any other criteria. This will help with setting up your home search on the multiple listing service so you are sent homes you actually will be interested in. I am dedicated to helping you through the entire home buying process. Once we find that perfect home, I will help you prepare a written offer. With my experience in the market, I can help you arrive at an offer that both fits your budget and has the best chance of being accepted.
- Once Your Offer is Accepted – After your offer is accepted, you’ll have a grace period to have the house professionally inspected. I will be able to recommend qualified, licensed inspectors to you who will walk you through the home, answer any questions you may have, and point out trouble areas. You will then be able to request repairs from the seller if anything is found that you’re not comfortable with. Once this step is complete, the lender will order the appraisal and go over the terms and conditions of your loan.
- Moving Time! – Now that you’ve found your perfect home it’s time to make moving arrangements. If you plan on utilizing a professional moving company, I can recommend reputable, local movers. Don’t forget to fill out your change of address forms and inform your utility companies of the move!
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