Get pre-approved: Meeting with a lender to get pre-approved is so incredibly important, Not only can you not submit an offer on a home without one, but most sellers do not want an unapproved buyer to even view their home!
While meeting with your lender don’t forget to discuss:
- Your monthly payment (what you can afford vs what you want to afford)
- Your credit score
- Interest rates
- 15 year mortgage vs 30 year mortgage
- Down payment options (3% down vs 20% down)
- Financing options (FHA, Conventional, VA, etc)
Need a couple lender recommendations? Let us know!
Establish a budget:It’s always recommended to go through all your current payments and budget how much extra you have each month. Your lender will tell you on paper how much you can afford however you will want to be able to afford to pay your utility bills, right? How much debt do you have each month? How much of a payment would you really be comfortable with? Knowing your finances and financial comfort level will make the home buying process much easier.
Save your money: Buying a home is expensive and so can be the maintenance costs. Don’t get caught without heat in the dead of winter just because you can’t afford to fix your furnace. Save for a down payment and save for emergencies. You won’t regret it!
Choose your location: Location, location, location. It’s really important to do your research before you start viewing homes. Searching in too many areas can be stressful and overwhelming. Spend some time getting to know the cities & neighborhoods that interest you so you can really narrow your search. You can always update your home but you can never change its location!
Got your pre-approval and done your research? Next step; find a hard working, self motivated Real Estate Agent to walk you through the process, teach you about the market, keep you up to date on real estate news and find you available homes that you love! To learn more about The Hager Group and our dedication to our clients, check out our testimonials!