Ready to purchase your first home? That’s awesome! Homeownership can be a fun and rewarding experience. We’re highlighting a few simple tips below to help make your first-time home buying experience a smooth process.
Set Your Budget
First things first! How much can you afford? Sit down and take a close look at your current financial situation to make sure that this is the right time for you to buy. You’ll also need to make sure that you have enough for the required down payment, and any out of pocket expenses (like the inspection) that you may have to pay before closing. The great news? Currently, mortgage rates are at an all-time low. That means you could possibly get more for your money, and/or enjoy the perks of a low monthly payment!
Organize Your Files
Buying a home can be a bit overwhelming at times. One thing that could help eleviate potential stress is to get organized! A mortgage broker will require a few things to get the pre-approval process started such as tax records, W-2 forms, and current payslips. Place all of these items in paper or digital file so you can quickly hand them over when needed.
Choose a Mortgage Broker
Before you start your home search it’s a wonderful idea to find your mortgage broker, and obtain a pre-approval.
What’s a pre-approval? Essentially, this is as close as you can get to confirming your creditworthiness without having a home purchase contract in place. That’s where those organized files come into play – your mortgage broker will need those docs to ensure that your financial situation supports the purchase of a home.
After the pre-approval process mortgage lenders will be able to give you financial scenarios and options to help you choose the right mortgage and payment for you. Once you know what you’re comfortable with it will be much easier to give those criteria to your REALTOR® so they can help you find your perfect place!
Find a REALTOR®
We’re a little biased – but this is our favorite part! There are many ways to start searching for a reputable real estate agent. Start by asking friends or neighbors for references. If you’re searching in a certain location, find out if there is an agent that specializes in that area. You can also search online for reviews. A licensed REALTOR® is able to search within the local MLS system to find the right property for you and guide you through the steps to finding your ideal home, and assist you through the closing process.
We wish you the best of luck in your home-buying experience!
Looking for an agent? Contact us – we would love to help!