One of the very best things about owning your own home is that you can change it to fit yourself and your lifestyle.
But there’s a lot that buyers can do to make the process smoother. Here are some tips.
1. Check your credit
If you’re like most Americans, you’ll need a mortgage loan in order to purchase a house. The amount of money that a lender is willing to loan you will depend on several factors, including:
- Your current income
- The amount of down payment that you’re bringing to the table
- Your credit
You might or might not have a lot of influence over your current income, and you might or might not have wiggle room to save up for a down payment, but one thing that you can almost always work on is your credit. Get copies of your credit report to ensure that everything on it is accurate; fix any errors, and consider talking to a credit expert who can tell you which payments to prioritize and how to improve your score.
2. Research sales price in your are and the down payment options
While you’re considering exactly what kind of home you want yet, you’ll also want to think about how much that home might cost. This would be a good time to talk to our experts, about the sales prices in the area.
3. Consider all the costs
There’s more than PMI to think about when it comes to a mortgage loan - you will also be paying:
- Property taxes
- Homeowners’ insurance premiums on the house
- Flood insurance, and often supplementary earthquake policies are worth considering (depending on the location)
You will likely need to pay closing costs, and you probably have furniture and items to move, so you’ll have to cover those expenses. And then there’s the wear and tear on the home and the cost to repair it, and the costs of utilities from month to month; a good local real estate agent can help you figure out what to expect.
4. Think competitive but reasonable
You probably want to avoid a bidding war (not great for your wallet!), so you’ll want to make an offer that the seller will consider competitive. At the same time, you don’t want to pay more when the seller would accept less; an we can help you navigate the field of exactly what to pay and come up with an amount that’s a good deal for you and priced high enough to capture the seller’s attention.