Whether you’re a first time home buyer or going through the buying process again, being financially prepared and aware of the house buying process is key for a successful purchase. At Title Mortgage Solution, LLC we want to ensure that the process of buying a house is a seamless transaction, and in order to help you be prepared below are 5 valuable tips.
1. Know your Budget
Before you begin your quest for your new home, make sure you know just how much you can afford. Take a good look at your finances by evaluating your current debt to income ratio and carefully consider how financing a home will impact your budget. Please use our helpful loan calculators to estimate your payment for different loan amounts, interest rates, property tax, property insurance and amortization terms.
2. Get Your Finances in Order
Your credit scores and credit history will play a key role in securing a mortgage. When preparing to buy a home, it is a good idea to know what your credit is like. Take advantage of FREE credit reports to identify and correct any errors. By staying on top of your credit, you could secure lower, more affordable rates, which will award you with lower monthly payments, and potentially help bring down your closing costs.
3. Get Pre-Qualified
With today’s competitive housing market buyers should get pre-qualified for a loan prior to house hunting. During the pre-qualification process your loan officer is going to be reviewing your credit history, employment history, income, and assets. This essentially allows the lender to determine how much you can afford from a financing standpoint. Make sure that you share all past, current, and future financial information with your mortgage professional to ensure that there are no complications after you have gone under agreement to purchase a home. In order to get pre-qualified please contact one of Title Mortgage Solution licensed mortgage professionals. We are here to assist you 24hrs a day, 7 days a week.
4. Create a Wants vs. Needs List
When shopping for a home, list the features or amenities that are most important to you. Being in a certain school district, or homes with a pool etc. Establishing “your criteria for amenities” early on will save you time during the house buying process. Once you’ve written the specifics, prioritize your lists. Put things your new home must have at the top, and put wants (things you’d like to have but don’t need) towards the bottom.
5. Find a Real Estate Agent
Having a real estate buyer agent assist you when buying your new home will help you immensely. They provide you with key advice and resources throughout the purchase to help ensure a successful transaction. Get referrals from friends and family or search local realtors online to find one that is the best fit for you. Share with them your budget, pre-qualification, and wants and needs list and let them help find the perfect home for you.
If you are about to start the house buying process contact Title Mortgage today! Our loan officers can help you quickly obtain your pre-qualification and prepare you for the loan process. Call us at 603-643-1400.