If you are looking to buy your first home, make sure you follow these five steps to ensure a successful purchase.
If you’re a first-time homebuyer looking to make a purchase in 2017, follow these five steps to ensure you end up in your dream home.
1. Make sure you’re working with the right agent. You might have a friend or relative with their real estate license who may or may not sell a home or two a year. However, having a personal relationship with them doesn’t necessarily make them the best choice. You need to make sure your agent understands the marketplace, knows about inventory, can manage the transaction well based on experience, and has great relationships with local lenders.
2. Don’t be afraid to talk to multiple lenders or mortgage brokers. Talking to more than one person will allow you to understand the different options available to you. You don’t have to go forward with a full application until you’ve weighed all your options and picked a direction to go in.
3. Mind your credit score. Moving forward, your score is going to have an important role, either positively or negatively, on what loan product you are able to qualify for. Make sure you are not missing any payments on credit cards, opening new credit cards, or making large purchases that will have a negative impact on your credit score. On the flip side, paying something large off might not have the effect you want it to, so talk to your lender before any large financial decisions are made.
4. Stay at your job. Leaving your job can have an immediate impact on your ability to get a loan. If you really want to change your job, do it before you start the process of getting approved, or wait until after closing.
5. Take your time. Don’t rush this process, especially if you are looking for your first home. Looking at homes for the first time is exciting, and you might be tempted to jump on something because of lack of inventory. However, you need to see enough homes to truly understand what you want in a home. Make sure what you’re writing an offer on is exactly what you’ve been looking for.
If you have a question you’d like me to make a video for, or if you have any other real estate related questions you would like to chat about, feel free to give me a call or send me an email. I look forward to hearing from you!