Whether you’re in your late 20s or in your 50s, buying a home for the first time can either be a positive or a time-consuming and tiring experience. Fret not, for Jack at RE/MAX Estate Properties is here with a couple of pointers to help you purchase your first home successfully.
- Ask for your credit report.
Having an outstanding or, at least, passable credit rating is important in securing your preferred mortgage loan. Get in touch with your bank representative and ask for your credit score before you shop for a mortgage and a home. Scrutinize it, ask questions, and clear up any disputes should you find some.
Knowing your credit score allows you to take the necessary steps if you want to improve it and get a higher rating, especially if you want to qualify for a specific loan. It’s highly advised you request for your credit report months before your home search to give you ample time to sort out your credit as needed.
- Get mortgage pre-approval.
One advice you will constantly here from real estate agents is to get pre-approved for a mortgage before shopping for a home. Why? The simplest answer is that it sends the right message. Sellers will take you as a serious buyer and consider your offer, as your preferred bank or lender has evaluated you and deemed you worthy of getting a mortgage from their institution.
A pre-approval letter is a sign you’ve sorted out your financing– all you need to do is to go through the final stages to get your mortgage approved.
- List down needs vs. wants.
Don’t go shopping for a home blindly. It will be tiresome and time-consuming. Sit down and evaluate your budget, your needs, and your lifestyle to come up with a solid list of things you want in your home. Divide these items into non-negotiables and things you are open to compromise.
Some of the things you should consider include the location, schools in the area, nearby amenities and services, the square footage of the home– basically everything you deem will greatly impact your life positively. By listing down these features, you will also effectively narrow down your options.
- Find an experienced local realtor.
While you can buy a home on your own, getting the services of a local real estate expert will be incredibly helpful, especially since you’re a first-time home buyer. Everything you’re unfamiliar with, from certain processes in financing to closing, will be explained to you so you can make informed decisions about your home purchase.
But how do you find the right realtor? If you have close friends or family who have recently bought a home, ask them for referrals. You can also log in on the internet and search for a realtor that specializes in your target areas. Vet your candidates by asking them about their experience, their work style, and etc.
Jack at RE/MAX Estate Properties is here to make sure your first home buying experience is a success. Get in touch with the team today at 310.346.0391.