Buying a home is likely the biggest investment you’ll ever make. While it would be nice to be able to trust the advice you receive from all of your well-meaning family members and friends, unfortunately tips you get can be based on ulterior motives or just uninformed opinions.
If you are in the process of purchasing a home, or if you are considering doing so, review the following tips for some general considerations that should be made. Additionally, enlisting the services of a mortgage professional can go a long way in ensuring that you make the best decision for you and your family.
Attempt to Make a Big Down Payment
Lenders prefer that you put down at least 20% in down payment in order to improve your mortgage application. This will serve to save you tons of money in the long term.
Buy What You Need, Not What You Want
The allure of “the dream house” is something that affects us all. However, it is vitally important that you keep in mind the fact that this is an expense that you will be dealing with for years to come. Is it worth being in a worse financial situation just to have the beautiful deck you’ve always dreamed of? Maybe for you it is, but these are important considerations to make and determine what you absolutely “must have” in a home.
Determine Your Credit Score
Getting approved for a mortgage with a poor credit score can make it nearly impossible to get approved for a mortgage, not to mention getting a good interest rate.
Ensure that all of your information is correct and that you are aware of your credit score before starting the mortgage application process, in order to have a happy outcome at the end.
Pre-approval through a lender is as easy as picking up the phone and starting the process from your couch. Whatever the outcome of your pre-approval process, you’ll have a much clearer picture of what you’ll be able to purchase when it comes time to finally buy your home.
Get Your Home Inspected
While this can seem like an annoying and unnecessary cost, having a home inspection performed on each house you are interested in making an offer on can save you a lot of money and headaches in the future.
Assume That There Will Be Extra Costs
Outside of the cost of the home, there will always be more money involved. Assume that you will be paying extra for moving, furniture costs, immediate repairs, etc. If you’ve set aside money assuming this will be the case, you’ll either be prepared for these costs if they come about, or you’ll have extra money set aside for whatever you’d like, if these costs don’t come about.
If you are getting ready to buy a home, it’s important that you consider all of the possibilities and look at the purchase from multiple angles. But if you feel nervous about the prospect of going it alone on this journey, always remember that a qualified mortgage professional can help you, and is just a phone call away. Thankfully, the mortgage professionals at Rex Homes have provided some additional helpful information on their site: https://blog.rexhomes.com/9-tips-for-the-first-time-home-buyer/