If 2020 is the year you plan to purchase your first home, you should consider six very important steps to take to become a smart and desirable home buyer. The market looks to continue to be competitive. Getting yourself prepared will ensure that the process is stress-free and that you get the home of your dreams because you are ready financially.
Download or print "Getting Yourself Ready To Buy Your First Home" PDF
- Before you even consider buying a home, make sure your credit score(s) are above 650 and preferably above 720. This will help you get the best rates on your mortgage loan.
- Even if you choose a loan program that requires little or no down payment, you will need funds for other closing costs. And sometimes, the more you have down will qualify you for better loan terms.
- Before you start looking at homes, connect with a mortgage professional and get pre-approved. You will then know how much home you can afford. Pre-approvals are more desirable than pre-qualifications.
- After you know what you can afford, you need to find a realtor who works in the neighborhoods you are considering. A realtor is the person who will help make the process stress-free because they will walk you through the entire process.
- One consideration is to determine if you want to purchase an existing home or if you want to build your first home. Both have advantages and disadvantages, mainly it will come down to your personal preference.
- The last habit you will need to become very good at is the art of compromise. Rarely will you find everything you want in a single home. You also have to learn to walk away from your dream home if you can’t come to an agreement with the seller.
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Categories: Guidance, Homeownership