Buying a home is not only one of the biggest purchases you will make in life but it’s also big process to go through. Getting yourself prepared now can save a ton of time and answer many of your questions. There are three steps that you can take now to get yourself ready to buy a home in 2018. Find out what they are:
- Find Out Your Credit Score: Checking your credit score is a necessary task to see if you are ready to take on a mortgage. Your credit score is representation of your repayment history. The higher your credit score is, the better interest rate you will get. A high interest rate can save you a lot of money over the life of your mortgage loan. If you have any errors on your credit report, now is a good time to take care of those. In this step, you should also not open any new credit lines or credit cards as they can affect your credit score.
- Get Pre-Approved: Getting pre-approved is an essential task to answer many questions, such as how much of a home you can afford. When you are trying to get pre-approved for a mortgage you need to show your lender some important information such as proof of your income, proof of your assets, proof of your employment and proof of your credit score. By showing all the above paperwork, a lender can then determine how much of a home you can afford, what your interest rate will and most importantly how much your monthly payment will be.
- Start Interviewing Real Estate Agents: Once you have checked your credit score and you have a pre-approval letter in your hand, it is now a good time to start interviewing real estate agents. There are many real estate agents out there so make sure you find one who is knowledgeable of the real estate marketing right now as they can help you get through any situation. Another quality to look for in a realtor is one who is organized, knowledgeable of the area you are looking to live in and has connections with real estate professionals.
These three steps are pivotal phases of the process and can answer many questions to help get you prepared with the homebuying and mortgage processes. If you have any question about the first and second steps (checking your credit score and the pre-approval process) you can reach out to one of our knowledgeable Senior Mortgage Specialists at (877) 290-9991. Our Senior Mortgage Specialists also have a lot of local real estate agent connections that can help you tackle step three.