Preparing to purchase a home is an exciting time. It is also one of the most important financial decisions you will make in your life. So, as you prepare to take this step, it’s important to do as much research as possible. These tips and strategies will help you ensure a smooth, successful home buying experience.
- Get Pre-qualified – A pre-qualification is the process by which a lender reviews your credit and other financial information to determine your eligibility for financing. Not only will this give you a good idea of how much house you can afford, but it will also put sellers at ease. Sellers and Realtors will be more comfortable working with a buyer who has been pre-qualified, because it increases the likelihood that the buyer can get financed quickly.
- Hire a Realtor – With a transaction as important as this one, having a professional on your side is a must. The right Realtor can walk you through the home buying process, tell you what you need to know about the neighborhoods you’re interested in, and help you develop a winning strategy when it’s time to put an offer down or win a bid. To learn more about choosing a Realtor, click here.
- Stick to Houses in Your Price Range – It may be tempting to look at houses outside of your budget, but it’s better to house hunt within your means. Looking at houses that are in your price range, or even slightly below it, will allow you some flexibility if there is a bidding war, and increase your likelihood of getting financing.
- Make a Checklist – Decide ahead of time which home features are most important to you, and make a checklist to take with you when you view homes. Categorize the items on your checklist into essentials and non-essentials. Having a checklist can help you put aside emotional impulses, and choose the home that meets your needs.
- Be Flexible – A checklist is important. On the flip side, however, it’s important to know which features you can live without, or add once you purchase your home. You may not find a home with every single item on your checklist; but if some items on your list are negotiable, you may find a home that’s even better than the one you imagined. Check out this list of common buyer turnoffs that don’t have to be deal-breakers.
The home buying process can be stressful, but it should also be enjoyable. By being prepared, and having the right professionals at your side, you can find your dream home, and make this an experience to remember. If you are ready to get started on the path to home ownership, talk to one of our licensed mortgage loan originators today.