Clicking through Realtor.com® and the endless sites on the internet is captivating, time-consuming, and highly addictive. But, buying a home takes a lot more than a peep-show on your computer screen. It takes a team of experts to make your dream a reality. It takes dedication and know how to get you from the starting line to the finish line. Step-by-step, your team will guide you through the maze of finance and real estate lingo, juggling paperwork and timing everything so that you meet your deadlines and thus, destined to close on time…, or to have the wherewithal to realize an extension is needed. You need your B-Team. You need to know what you can afford, and decide if now is the time for you to pursue your dream of homeownership, and where you want to invest, and how to narrow down your search and understand all the knowledge that is thrown at you. Being a buyer is not easy. This is a really big step forward. Regardless if you have bought before, this is serious and not just something done on a whim. It is not only an investment of your resources, but your time. It is delving into the psychology of what home means to you. What do you want? Easy, right? Not so, when you are looking at 3, 4 or more homes that could potentially be your new address for a number of years. Do you have your team in place? Do you have your experts in the field of mortgage rates and financing, real estate, inspection, legal, title and closing? If you hit a snag, does someone have your back? Do you have your trusted advisers to lead you to your chosen destination? Being a happy homeowner!
Buyers Check List:
- Check your credit score. Remember, the higher your credit score, the lower your monthly payment can be. A good hint: Stop applying for new credit a year before you apply for financing.
- What do you have for debt? You need to figure out what your debt to income ratio is. You can’t assume you have it covered. You should buy a home that you not only love, but are financially comfortable taking care of.
- Save for a down payment. Typically, you will need 3 percent to 20 percent of the home’s price. Furthermore, you will need mortgage fees, inspection fees, and closing costs.
- Savings. This is above and beyond your down payment. There are expenses that go with owning and maintaining a home. It is better to make certain you have enough for anything that may arise.
- Pre-Approval is key to buying your new home. Before you start shopping, make certain you have your financing in place. A lender will help you take care of this, and prepare you for the home buying process.