Here are some important tips to prepare you for your home purchase this year.
Get Your Credit Score Ready
Ensure your credit score is top-notch before applying for a mortgage. Manage your finances wisely by following a budget, paying bills punctually, and reducing debt. If you need this we have information for you that can help you with this. Even if your credit score is not top-notch. You have to start somewhere, right? The sure way to make a dream a reality is following a plan and not giving up.
Determine Your Affordability
Assess your financial status to determine how much you can comfortably borrow. Use tools like a mortgage qualifier to find your ideal borrowing range. We can also send you to one of our preferred lenders as mentioned below in the “research reliable lenders” section.
Save for Your Down Payment
Plan to save at least 20% of the property’s purchase price for your down payment to avoid additional fees like private mortgage insurance. Budget your money and figure out how much you need to save each month to reach your goal.
Research Reliable Lenders
Start researching lenders now to find one that aligns with your needs. Ask for referrals from friends and family or conduct online research. If you have none, like I said above, we can send you to one of our preferred lenders.
Gather Important Documents
Prepare your financial and identity documents in advance to streamline the mortgage application process. It’s always nice to have everything organized and prepared all in one place.
Get Prequalified Early
Get prequalified with your chosen lender to demonstrate your seriousness to sellers. Discuss various mortgage options to find the best fit for your situation. You got this!
Maintain Financial Stability
Avoid major financial changes like switching jobs or applying for new credit, as they could impact your mortgage approval.
Create Your Wish List
Make a list of your home preferences, including must-have features and desirable amenities, to guide your search effectively. Keep that with your other important things. Preparation is key.
Consult with Us for Guidance
Reach out to us for expert guidance. As local real estate experts, we prioritize your needs and can connect you with trusted lenders and help find you the home you love.
Explore Your Preferred Neighborhood
Visit your desired neighborhood at different times to assess its suitability. Test commute routes and evaluate proximity to amenities before making an offer. Walk around, grab a bite to eat, and make it fun! Do this until you click with a certain place, you will know when it happens.
Contact Brazoban Realty for a consultation and let us help you find your dream home. Check out our testimonials at the bottom of the main page of our website. Put questions and comments below, you know we love to hear from you.
Source: Mountain America Credit Union
