Let’s say you ready to buy a home, but you’re probably wondering “what’s next?” There is so much information online, which can be pretty intimidating for someone new to the process! Where do you begin? There are essential steps you can take to make your home buying process go a little easier for you.
We all know it’s best to do a little research before getting started, but as a first time home buyer,a little direction can go a long way! Fortunately, for you a simple stroke of the keyboard can give you access to a wealth of knowledge. The infamous Google or YouTube search can in most cases, alleviate you of any ambiguity you will have. Searching local real estate blogs, for one, can have some of the most concise and specific feedback for any stage of the home buying process. They can serve as a great source to get current information and address any home buyer questions until you are able to get a hold of a real estate professional.
Contact an Agent For the Buying Process
Contacting a real estate professional is a very valuable resource. You can scout out real estate professionals through local real estate websites. They will have the most useful information and answer any specific questions you have about the home-buying process. Most real estate agents would love to sit down with you and pass along information, but remember, at some point time becomes money.
Let’s talk Mortgage Loan Pre-approval. It is a fairly easy process. If you didn’t know already, a mortgage pre- approval is your first step to owning your home. As a reputable mortgage lender it boils down to the primary borrower’s credit score and income.This process helps determine whether you are ready to apply for a mortgage. When applying for a mortgage there are 5 things the application focuses on:
1) Your monthly income
2) The sum of your total monthly debt payment ( auto loans, student loans, and credit card payments)
3) Your credit score (Most lenders are looking for a credit score of 620, or higher)
4) How much cash you can put down
5) How much house you can afford
(We have a calculator at the bottom of our homepage)
If you are a good candidate, you will then be asked to complete a loan application.
Some things you can do right now: When the time comes you will need to provide the lender with at least two weeks of pay stubs, so it would be in your best interest to start collecting those as soon as possible. If you’re self employed, or have various income, then expect to your process to be a bit different. You’ll simply have more underwriting to complete. Secondly, you want obtain your credit score and credit history report. To do this, you’ll need to contact the credit bureau. You are entitled to one free copy of your credit report every 12 months.
The pre-approval will help determine a price range for homes you can afford. So knowing your budget is a very critical part of your process. A real estate agent will not show you a property unless they know what you are approved to afford.
Finding a suitable realtor is so important. It important to find someone who can meet your needs and help you find the right home for you, because choosing a realtor can really dictate your experience. So it is in your best interest to start looking into realtor now. It’s never a good idea to wait until the last minute to try and find the right realtor for you. You want someone who is useful and able to make the home buying experience as smooth.
Not every transaction is going to be a smooth one so you definitely want someone in your corner who able to handle the pros and cons in different areas of advising. You want someone who listens and is fully invested in the process with you. You want someone to hand pick the right home for you that is in your price range. Good realtors should be able to do it all! How they respond to your opinions and concerns will be your greatest detector. If you’re impressed by a local realtor contact them as soon as possible!
Finally, it’s home buying time! This will be an exciting time for you. The idea of home ownership should be rewarding feeling for you. It will be one of the most exciting experience for you. You’re planning out your home decor, that new refrigerator you feel will compliment your kitchen, or your new landscaping. It is a rewarding and unforgettable experience.