Purchase
Most people don’t just wake up one day and say “Yes, I should buy a home right now.” In fact, most buyers shop for their home long before they even realize it. But whether you are tired of renting, looking to start a family, or just looking for a place to call your own - purchasing a home will probably be one of the biggest financial decisions you will make.
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Organize Your Finances and Decide
- Are you credit worthy? Order a credit report to determine your credit-worthiness. Your credit will determine if you can qualify for a home and also how much you will pay for it.
- Optimize your credit. Now that you know your credit, make sure you do everything you can to make sure it is in tip-top shape. Dispute any incorrect items, pay off debt to reduce your liability - do everything you can to make sure you qualify for the best loan available to consumers. Ideally, you should know your credit score and begin preparing it months before even looking at potential homes.
- Determine a Down Payment. The more you can afford to put down, the better. A larger down payment will reduce your monthly payments and lower your overall risk in the eyes of the lender. In this market, a larger down payment will also help you qualify for a home loan as banks have tightened lending guidelines.
Renting vs. Buying
- Determine the savings. Owning a home comes with many benefits and certain tax incentives. By speaking with a mortgage planner, you can find out if owning a home is right for you. Certain factors that also come into play will be your credit score, job stability, and current debt-to-income ratios.
Don’t just get prequalified, get preapproved
- Get Ready. You may see advertisements to get prequalified, but sellers like to see motivated buyers - what better way then to actually get preapproved with a lender. This will save time and increase your negotiating power. Sellers are looking for certain comforts as well, and one of their biggest concerns is making sure potential buyers are serious and qualified. in situations where sellers deal with multiple offers, having your preapproval ready will separate you from the others and put you one step closer to owning your dream home.
Find an Agent
- The Dream Agent. Finding the perfect real estate agent is just as tough as finding your perfect home. Talk with friends and family to first find out if they have any referrals they recommend. Nothing beats sifting through advertisements and fliers than having a referral from a trusted source.
- More than numbers and image. Statistics are certainly good to know, but the top producing agent in town or the one who works at the largest brokerage may not be the best one for you. Numbers are great to know and are important when comparing agents - but make sure your personalities are compatible and that you can work well with the individual during this business transaction.
