Purchasing a home for many is a dream come true. Below is listed some quick and helpful tips that will ensure that you start this journey off running.
Credit: When getting pre-approved your credit will be reviewed. If you are currently working to increase your score that is great! During this process try not to spend money on your credit lines or open new lines of credit. All these directly affect your “borrowing power”. Keep paying your bills on time. A good rule for most borrowers to follow is trying to have a credit score around 660. If you need help moving your score up, we can assist with that as well.
Pre-approval: Creating a budget- When you get going through this process you will get good idea of what you can afford and the type of home pricing you should be looking at. Always start with the pre-approval before going to look at the houses in person. Even more so now with how quickly homes have been selling and with fluctuations in the inventory.
Down payment: Identifying your down payment is something a professional loan officer will assist you with.
Tips: have your funds set aside- identify what account the funds are going to be coming from. As little as 3.5% down – currently there are ZERO Down/payment assistant programs.
Gift funds are acceptable for down payments as well.
Make a list of must haves and nice to have/wish for:
Sit down and create a list of qualities that you are drawn to and desired for your new home. For example. If you have pets- a big back yard or access to a park near by may be a priority. Having a home office for more remote work. This all will help you shop with less stress and make the best decision for your lifestyle.
The home purchasing can be a little daunting. The best advice is to take it step by step. Your realtor and Loan officer should be willing to help you step by step and make sure you feel comfortable throughout the process. As a one top shop, we can take care of your entire transaction in house that way you do not need to be in contact with multiple people, or parties. We want to help ease the stress and make this as seamless as possible for you. Learn more