5 First Steps To The Home Buying Process
Buying your first home is an exciting time but in this day and time that excitement can be crushed without a good strategy.
I’ve lined out a 5 strategic steps for home buyers to do when home buyers start looking for a home. Even if your time line is 1 year away from when you want to buy a home.
1) Get a copy of your credit report from all 3 credit reporting agencies. Remember the reports you can pull as a consumer will be about 40 points higher than when a lender pulls the report. Make sure the report is accurate. If you are within 90 days to buy a home get with a mortgage company and have them do it.
2) Figure out how much you can afford for your home buy. I think lots of people over the last few years missed this step.
3) Make sure you have enough money saved for down payment and closing costs. Remember closing costs here in Fort Worth will run about 3.5% of purchase price. Example; $100,000 home with FHA loan you’ll need a minimum of $7,000 to close.
4) GET A PRE-QUAL LETTER. I see disappointment very often…home buyers start looking at homes and find the perfect home and lose the perfect home to someone else because the pre-qual letter isn’t in place.
Today most sellers will not consider any offer unless a pre-qual letter accompanies the offer.
5) Determine the neighborhoods you want to focus your home buying search in. The more specific about your lifestyle, family needs and work location you are the better chance you have in buying a home that is a perfect home rather than settling.
The better prepared you are at the start of your home buying adventure the greater your chances of achieving the highest degree desired results. If you have questions about the home buying process give me a call. By following these simple steps your home buying process will be a joy instead of disappointment.