Pre-Home Buying Checklist For First Timers
If you feel that you are finally ready to making your All-American dream come true, then congratulations! But before you pop open the Bubbly, you should check in on the pre-home buying checklist. Don’t know what that is? We’ll give you a fair idea of what it should include. Here’s what you need to do before you start house hunting.
Search for a Reliable Real Estate Agent
Before you hit the internet hard looking for houses in listings, it would be better to have a real estate agent by your side. They will help you stay within realistic expectations when you’re searching for a home. You don’t want to be fixated on a home only to find out later that it’s way over budget. When searching for an agent in your area, the number of years of experience homes sold and specialty matter the most.
Find a Trustworthy Lender
When you’re searching for a lender, your real estate can be helpful. They have enough experience “around the block” to know who’s who. Ask them for two to three lender recommendations; ones that they know to be trustworthy. By doing this, you will be able to gauge which of the lenders suits you and your financial goals. You won’t be in any hurry to pick until you’ve found the right one. If you can become pre-approved, that’s awesome. It needs paperwork however, lots of it.
You’d need bank statements, copies of paychecks, tax returns, 1099 and W-2 forms. But once you get through this, the lender will give you an estimated size of your loan and you’ll know your interest rate on the loan too.
Stay on Top of Your Credit
Find out about your score and improve it if you need to. As a frame of reference 700 to 759 is considered a good credit score range, 650-699 is a fair range and below that range is considered poor credit. Improving credit may take some time and commitment. Postpone your search if you need to but get your credit score in top shape to reap the benefits of good terms on your mortgage loan for the years to come.
Find Your Dream Locale
Do you want to stay close to your office or be in the suburbs? Do you need to be close to the malls, or to nature? Questions like this will be very important when deciding where to locate.
To get started with a professional real estate agent, please contact Loyal Partner Homes.