Time to Buckle Down to Buy Your Dream Home

Joanie Heighes Uncategorized 0 Comments

When it comes to wanting to buy a house and being prepared to, they don’t always line up. I’ve put together some information to help you achieve your dream.

  • What Can You Afford

Looking at houses is exciting and scary. If you go in knowing what you can afford then you won’t set yourself up for heartbreak by looking at homes outside of your price range.

Let’s talk Banks – Majority of banks require that your monthly costs not exceed a percentage of your income. The banks also will look to see if you have recurring debt and what those monthly payments look like.

How much of a down payment will you need? Lenders (not all) generally prefer 20 down % (some will take less) to qualify for a conventional loan. Putting less down sounds great but it can also come with some conditions. Your application tends to be looked over with a fine-tooth comb and they may require that you pay for mortgage insurance.

Budget like a pro! Look at your budget and make sure you are following it. Look at the additional cost of owning a home. Prepare a budget that has plan for maintenance cost, utility bills (if you are looking at larger sqft., budget for that). Check to see how much it is to move services i.e. cable, internet, electric etc.

Credit check! Take a look at your credit, make a list of your debt and execute a plan on paying things off. You may want to reach out to a company to help with this. It can be a pain to go back and forth to get something off your credit report. If you have the funds, try reaching out to a Credit Repair Specialist. A Credit Repair Specialist knows the ins and outs of repairing credit and are very helpful when trying to get a better score to buy a house.

  • Find the right Realtor ® – This is a big decision and you don’t want to go through it with just anyone. Set up meetings with Realtors/Real Estate Agents/ Brokers and find one you connect with. You need to have someone that you feel comfortable with, one that you trust to guide you through the home buying process and one that will hear your needs. There are lots of amazing Realtors out there but you need the one that is amazing for you!
  • Time to Talk to the Bank

Get prequalified! Take the time to actually shop around to find the right mortgage for you. Ask lots of questions and make sure you understand what they are saying to you. I know, you are excited at the thought of owning your own home, but breathe, write down questions to take in with you and write down their answers.

The time is NOW! Start getting everything in order so you can soon relax in your own Home Sweet Home!

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