Ready to give up renting and become a homeowner this year?
YAY! Buying a home is an exciting but nerve wrecking process. I'm here to walk you through every step of the way.
Here are 8 things I think are the most important to do before you buy a home.
Check your credit score. The higher the number the better the loan terms will be. Some banks will give you a loan with a credit score of as little as 620. At the same time DON'T BUY ANYTHING BIG (like a car, furniture you have to put on credit cards).
Save for a down payment. Now you don't need to save 20% but at least 3-5% of the purchase price. Having less than 20% down you will add PMI insurance to your monthly payments which will reduce the amount you can afford for a home. So it's best to speak to a lender and work out all the details.
Decide how much you can afford. You know how much you are paying now in rent. Is that all you can afford, or can you make a higher payment? Again, a lender will be able to help you figure this all out.
Find a good real estate agent.
Work with a good lender. Not all lenders are created equal. Some have better rates than others. Others may not have the best rates but they will work hard to help you get a loan.
Make a home wishlist. Wants vs Needs. Be flexible with that list because in this market it may be hard to get everything on your list at your price point.
Get a feel for the areas or neighborhoods. Take a drive on the weekend to drive around. Check the surrounding areas, the schools, the crime, shopping and anything else that is important to you.
Start the house hunting and touring process. Your agent will set you up with a search based on your criteria. When you see a home, let them know and they will be happy to show you. Most people don't fall in love with the first home they see. Don't get discouraged. Their aren't that many homes currently on the market so you will need some patience.
If you have questions about the buying process, I’d love to help - send me a message and let’s connect!