One of the most exciting adventures in life is the process of buying your first home. The thrill of such a huge purchase comes with happiness, exhilaration, and, of course: stress.
However, with the help of a good mortgage professional, the process can be made much easier, so that you can focus on the happy aspects of the process rather than the stressful ones.
The professionals at Rex Homes have a perfect guide of the best tips for your homebuying efforts on their blog here: https://blog.rexhomes.com/9-tips-for-the-first-time-home-buyer/
What is the Best financial State to Be in When Purchasing a Home?
There are a number of considerations you’ll want to make regarding your financial status when purchasing your first home. The main concern is that you have enough money available to make your payments at the proper times.
20% Down Payment:
Ensure that you have saved enough to make a down payment of 20% (at least) when purchasing your home. This will give your mortgage provider confidence during the process of your loan application.
Maintain a High Credit Score:
Your credit score is one of the most important factors when it comes to your loan application. If there are any errors that need to be corrected on your credit report, it’s critical that those are addressed before starting the mortgage application.
Realize that There Will be Extra Costs:
No matter what, there will always be unexpected costs associated with the purchase of a home. This is a certainty.
Therefore, it’s vitally important that you set aside money to account for these costs and are prepared for any surprises. A general recommendation is to save 1% of the home’s price each year that can be used for repairs or anything else that may come up.
What are the Major Priorities to Focus on When Purchasing a Home?
While there are tons of items that bear consideration throughout the homebuying process, there are three priority considerations that have to be at the forefront of every homebuyer’s mind:
1. You’ll Need to Have the Home Inspected:
Buying a home without an inspection is a nightmare waiting to happen. There could be numerous problems that will cost you tremendously down the road. A thorough home inspection will bring these issues to light and provide insight into whether or not the home is a good choice for you.
2. Get Pre-Approved:
Pre-approval is an extremely easy and necessary part of the homebuying process. The result of the pre-approval process will give you an idea of what price range you should be expecting to purchase, and all it takes is picking up the phone and calling your bank.
3. Identify Your Wants and Needs:
You may “want” a view of the ocean in your home, but is this an absolute necessity? Clearly identifying what you need and what you want in a home is a crucial step in the process.
Why Should You Use a Mortgage Professional When Buying Your First Home?
Mortgage professionals are experts in the housing market. They will be able to help guide you toward a home that is reasonable for you and help steer you away from tempting options that won’t be as beneficial for your situation. If you’re considering buying a home, call an experienced mortgage professional today.