So you’re ready for that next big step in your life. Buying a home is a major milestone in one’s life, and it’s no cakewalk. There are dozens of hundreds of homes ready for the taking, ready to be made yours. Understand that you’ll have to set aside a lot of time searching and filling out paperwork. It’s an intense process, sure, but there are experts familiar with this very process that can help you along the way.
Do extensive research. Be flexible with your home search. Understand what you need to have, such as number of bedrooms and location, and understand things that would be nice to have, such as distance away from certain schools or venues. Consider the neighborhoods you would like to move to. As you search, you’ll be able to definitely understand the things you want in your home, what age and style of home you might want the most, and, best of all, your desired price range.
Get pre-qualified and pre-approved. In order to be considered for a mortgage, you’ll first have to be pre-qualified. This means sitting down with your lender and giving an overview of your current financial situation, such as any debts, current financial obligations, income, and assets. Afterward, you’ll have to get pre-approved, which involves filling out an official mortgage application; typically, you’ll have to pay an application fee as well. You’ll be asked to provide additional documentation, such as W-2s and pay stubs, which will help your lender do a full financial background check and assess your credit score. Doing this before you truly commit to buying a house can give you a clear idea of what you can afford.
Look for a realtor. While it’s theoretically so much easier to search for a home because of advances in technology, it can also be overwhelming if this isn’t your field of expertise. Taking on the burden of home searching alone can eat up more time than you’re willing to spend. Having a knowledgeable realtor who understands your needs and lifestyle can help you trim the fat in your search for a new home. Your realtor can also help you make offers on a home.
Cover your bases. When your buying offer gets accepted by a seller, consider getting a home inspection. Your realtor can help you arrange one. Make sure that the home is everything it’s made out to be, and this way, you can discover any underlying problems that might have gone unnoticed by the previous owner. Afterward, carefully weigh your home insurance options. Your future home should be safe and remain that way.
Keep your necessary documents organized and in an easy to remember place. Stay in contact with your realtor and keep a close eye on the housing market. There may be paperwork in your future, but so is a new home. Have faith and be patient. It’s a steady process built to make sure you take the proper steps in securing a home that’s right for you.