Here are 10 steps to becoming a homeowner. Whether you are a first time buyer, or just want a refresh on what to consider when purchasing a home, take a peek at the list and get informed!
TIPS:
Get your financial house in order:
1) Down Payment: Save up and create leverage so you can avoid PMI and qualify for a loan.
2) Explore Loan Programs: Will you be looking for a conventional loan? FHA? 3% or 0 down find a loan package that works right for you. Explore lenders for rates and terms not all are equal!
3) Determine Affordability: Even if you qualify for a high loan amount work with a lender to help determine the Monthly payment you will be comfortable with.
4) Check Your Credit Report: Look for potential errors that may hurt your score and pause new purchases that may hinder your credit and debt to income ratio.
5) Preapproval Process: Get Pre-approved so sellers know you are serious and capable of purchasing with your offer.
6) Pick The Right Agent: Although you don't technically pay a buyers agent (it's a sellers cost) It can COST you if pick an agent who isn't daft in negotiations, offers, finding ways around hurdles, or is not available to your needs.
7) Stick To Your Budget!: Remember you will be paying for this home for a long time to come, to over extend yourself. You want to be House Happy not Home Broke!
8) Budget for additional costs: Closing cost, moving costs, furniture etc..there is a lot to getting in your new home. Make sure you have allowed for this.
9) Get To Know The Neighborhood: Your agent will be sending you homes that are in your criteria look through them all and often, tour open houses spend the time to get comfortable with the local market.
10) Communicate With Agent: Let us know how you are feeling, is criteria changing, are you feeling anxious. A great agent has gone through this before and can help you keep things in perspective.
11) Reach Out To Me: If you would like a customized home search and an agent that wins the offer reach out to me for a free buyers consult to go over your goals and dreams. Together we will get you on your way to homeownership.