Buying a home
is one of the biggest purchases you will make in your lifetime. There are many factors involved when purchasing a home. The process can be stressful, however exciting at the same time! Below, are some professional advice and helpful home buying tips that will expedite the process and make your home buying search easier and successful.
1) Begin early saving for your down payment. First-time buyers with great
credit allows for
3.5% down, the more money you put down the better. Your
monthly mortgage payment
will be lower because you're financing less of the homes purchase price.
2) Closing Cost -These are the fees and expenses you pay to finalize your
mortgage, and they
typically range from 2% to 5% of the loan amount. You can
ask the seller to pay a portion
of your closing cost, however, be mindful that some
sellers may not.
3) Move in expenses- Keep some money aside for immediate upgrades and
furnishings you have been admiring for after the purchase :-)
4) How much can you afford to spend on a home?? - Our home affordability
help with figuring out a price range
5) Check Credit - Request copies of your credit report, confirm that all information is
accurate, and correct any problems
6) Explore Mortgage options - speak with your realtor as they can help you find a
lender much easier and faster.
7) Get pre-approved by a lender to find out how much you actually can afford before
begin to shop
8) Get approval letter from lender