4 Simple Steps When Looking to Buy a Home
Buying a house is exciting – you envision all the projects and renovations that you want to do – and of course, all of the great memories that will be created. But, we all know that there is a lot that goes into making that happen. The good news is that it doesn’t have to be an arduous process. If you’re just starting your research – here is an overview of some of the key steps to securing your new property.
Cost Is Key
It’s common to spend years daydreaming about every nuance and all the features that a perfect space would have. Although that can be really fun – it’s easy to get carried away when it comes to funding said purchase. The first thing you should do before buying a house is to analyze how much you can actually afford. Keep in mind that a budget should entail more than the base cost of the house. You should consider incidentals like repairs and maintenance, hidden fees, and HOA dues. Market fluctuations can also influence prices. Establish a budget and savings plan that is tailored to your income/debt ratio and stick to a range that is doable in the long run.
If you know what you can afford and you’re ready to move forward – the next step is to get pre-approved for a loan. With all of the information out there and a multitude of lenders – this task can feel very daunting. At Minute Mortgage, we strive to decrease that stress and present a rate that makes sense for your circumstances. Our certified experts help you check each box – we let you know the type of documentation, credit scores and tax forms that you will need to purchase a home. Another perk in utilizing our service is that all paperwork can be submitted through our simple online portal and many receive an answer to their pre-approval in minutes.
At this point in the home buying process – you’ve got a budget and a pre-approval! Now you can get serious about looking into the ideal living space. The home itself is very important but it’s crucial to access many factors outside of it. The neighborhood that you choose can influence your long-term happiness in your house and can affect many lifestyle choices. While exploring an area – keep schools in mind, locate convenience services and take note of nearby businesses. It’s also a great idea to become familiar with the roadways and parking near the property. For example: is parking allowed on the street? Is this a high-traffic area? How bike and pedestrian safe are these roads? Lastly, it’s smart to take a look at commute time and the distance to routine destinations.
Close the Deal
One of the most important steps in purchasing a home is figuring out which type of loan is right for you. After you’ve selected a few properties, scouted the neighborhoods and you know the parameters of your pre-qualification – it’s time to select an appropriate mortgage option. From Conventional fixed-rate, VA, 15-30 year fixed to FHA loans – there is a lot to consider. We specialize in instructing our clients on the best path to take. When you choose us, you can be confident that you’re getting factual, clear information. When you’re ready to close the deal on a mortgage package – contact us to start a conversation with one of our experts.