The New Year has arrived and so has a new chapter. Searching for a new home can either be a wonderful experience or overwhelming at times. If you’re prepared, it will likely be the former. Start your next home chapter off the RIGHT way. Contact us today and get your pre-approval letter BEFORE you start looking for your home. An accurate pre-approval can improve your chances of being able to purchase your dream home.
At America’s Moneyline we have put together a list of five steps that can aid you in making your home buying process run as smoothly as possible.
Know where you stand financially
If your credit score is healthy, great! But it can always be improved. You should focus on raising your credit score before you get your loan. At the end of the closing, your wallet will thank you because a higher credit score could come with a lower interest rate.
When the time arrives to place an offer on a house, you will most likely need to provide an earnest money deposit or a down payment. The sum of the earnest money deposit can usually vary between 1% – 2% of the list price of the house, The down payment can vary from 3.5% – 20%. Start saving now to ensure the funds needed are available when it comes time to make an offer.
Determine what you want in a house
This may seem obvious, but it’s a very important one. Sit down and make a list of every quality you want in a home, and what you can live without. Make sure you distinctly determine your “deal breakers” and “deal withs” as well. Knowing these are an important first step, and will save you time in your home buying journey.
Find a Realtor®
A good Realtor® can make a huge difference when it comes to the process of purchasing a home and we personally work with many. We would be more than happy to refer you to an agent that would match your home buying personality. A great Realtor can help you negotiate when it’s time to make an offer and assist you with all of the paperwork.
Get Home loan Pre-approval
Call today and make sure you have your pre-approval! This is one of the most important steps you’ll take in your home buying journey. Not only will pre-approval show the seller what you can afford, but once you find the home you love, it will assure the sellers that you can afford it. Most sellers will not take your offer seriously without one.