Take a look at the best tips to get a home of your own

Take a look at the best tips to get a home of your own

If you want to stop renting and get a home of your own, you must read this article. Here you will learn the best way to purchase that deemed home. Read on and discover the best tips & tricks!

If you want to stop renting and get a home of your own, you must read this article. Here you will learn the best way to purchase that deemed home. Read on and discover the best tips & tricks!

It’s your first time buying a home, and you’ve got questions. This guide breaks down what is probably the most important purchase of your life into five manageable stages.

The journey to homeownership can have its ups and downs. But for most, the ride is well worth it. 

First of all, you must prepare your finances before leaving the gate. Don’t hit the open houses just yet. Make sure your finances are in order, so you know what you can realistically afford. Use a mortgage calculator to estimate your budget given your income, debt, savings and other financial obligations. Check your credit score and compare your debt to income. You should be able to comfortably pay your full mortgage payment each month. 

Make sure your finances are in order

Secondly, land on a loan that’s right for you and prequalify. Now that you have a budget, you’re in a better position to meet with a lender and discuss loan options, current interest rates and how much you can borrow. Once you find a loan that fits your needs, get a prequalification letter, which estimates your borrowing power based on your financial information. 

Also, you need to zoom in on your property and get your offer accepted. Now that you know what you qualify for, the fun of looking for homes with your real estate agent can begin. Save time and emotional energy by narrowing your search to homes that fit your financial criteria. Preview property online, and have your real estate agent show you only listings that are right for you. When you find a match, your agent can help you make an intelligent, informed offer.

You need to zoom in on your property and get your offer accepted

What is more, hold on through the mortgage process. Once the seller accepts your offer, it’s time to apply for a mortgage. You typically have 45 to 60 days to fulfill your purchase contract, so you need to move fast. Within three days of submitting your application, your lender sends you a loan estimate, including your approximate interest rate, monthly payment and closing costs. Review this document carefully. To move forward, you need to verify your income and assets. 

Finally, once your mortgage is approved and at least three business days before you close, you receive a closing disclosure. It lists the fees you must pay, which typically total 2 to 5 percent of the home price. Read this closely and tell your lender if anything seems off.

Related Articles

More News

More News