The excitement of buying a home is unmatched. Browsing all of the available options, taking tours of various homes, picturing your future life in your new home; it’s one of the best experiences there is. However, many people fall into traps and pitfalls which lead to massive disappointment as they realize that they should have been more careful in the homebuying process.
The following list will outline the 4 best steps you should take when buying a home. Adhering to these recommendations and consulting with a mortgage professional can make the whole process smooth and straightforward; getting you in a new home in no time at all.
- Correct Mistakes on Your Credit Report. One of the biggest considerations that lenders make is the homebuyer’s credit report. Unfortunately, many times credit scores can be lower than they should be due to errors in the report. While this may be frustrating, these errors are easy to correct. Simply visiting the online sites of the three credit bureaus (TransUnion, Experian, Equifax) will lead you to the proper protocol for lodging complaints pertaining to these issues. Getting errors such as fraudulent accounts, duplicate accounts, and incorrect/outdated information on your credit report corrected before you formally start the mortgage application is crucial.
- Define Your Budget. While we all want to have the home of our dreams, sometimes we need to set our sights slightly lower and think realistically. This is not to say that you can’t purchase a home that fits all of your needs and many of your “wants”, but it is important to define the “must-have” elements of your new home and budget accordingly. Your available budget is ultimately going to determine what homes you can afford, when it comes down to it.
- Seek Pre-Approval. Nowadays, getting pre-approved for a mortgage is an almost instantaneous process. You need only pick up the phone and call a mortgage broker to start the process. This will give you an idea of what price range is reasonable for you and will make the process much easier down the road.
- Know Your Neighborhood. An item that is often overlooked by new homebuyers is the neighborhood in which they will be living. This is a vitally important consideration. If you have children, or plan to soon, you’ll want to make sure that the school district is excellent. Additionally, it may be unwise to move to an area with a high crime rate, if you are looking for a family-friendly neighborhood.
Bottom Line
The above considerations should be closely followed throughout the homebuying process. Also, if you are feeling overwhelmed by the process, or just want to talk through your options with someone, mortgage professionals like the ones at Rex Homes are standing by to take your call. These experts in the housing market know everything there is to know about setting a budget, searching available listings, getting pre-approval, and buying a home. They can help guide you through the process and get you into your new home without a hitch.
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