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6 Steps to Success
How to Become a Smart Home Buyer
No matter if you are a first time home buyer or a repeat home buyer, it is important to know how to properly prepare for the purchase of a new home. Learn the six steps to becoming a successful, smart home buyer.
How to Plan for Your Home Purchase
Home Buyer's FAQ's
Buying a home is a big commitment and one of the biggest financial investments most people will make throughout their lives. There are many things to consider before you decide to buy a house. Do you have a steady job? Have you been employed for the past two or three years? Do you have a reliable income? Do you pay your bills on time? Do you have any long-term debt? Can you afford a mortgage, taxes, insurance, utilities, and other bills? All of these are questions to consider before purchasing a home.
The decision to rent or buy comes down to a few questions you can ask yourself. Do you have a steady job? Do you have reliable income? Do you have outstanding debt? Can you afford a mortgage as well as taxes, insurance, utilities and any other bills you may have? After answering these questions, you should be able to tell if you are ready to buy a house or rent until you are financially stable to make the commitment to buy.
Yes, your credit score will impact your ability to buy and the interest rate of your mortgage if you get approved. Your credit score is basically a summary of your credit history and a glimpse into your financial standing. Mortgage lenders will use your score to determine if you are eligible for a loan and at what interest rate. Higher credit scores means that you will have a better chance of getting a loan with a lower interest rate. Lower scores mean that it may take longer to get a loan and your interest rate will be higher. It is best to work on raising your score before starting the home buying process.
Down payments will differ depending on your financial situation and the cost of the home you want to buy. Saving for a down payment can be challenging, especially for first-time homebuyers. The average down payment is between 3% and 20% but it can also vary according to lender requirements, and the type and length of the loan. Before you commit to buying a home, start to save for a down payment to help become more prepared for when it does come time to put the money down on a new house.
This is a very common question when it comes to home buying. Pre-qualification gives potential homebuyers an insight into how much they may be able to borrow for a mortgage. This information is not guaranteed but can help homebuyers look at houses around that budget. Pre-approval is when your credit report is pulled to see if you qualify for a mortgage. This helps real estate agents understand what you can and cannot afford. Home sellers also feel more at ease with someone who is pre-approved for a mortgage because it ensures that they will not back out of their purchase and can afford the home.
Receiving a mortgage can be a complicated process. It is important to work with a reputable mortgage lender who will walk you through every step of the home buying process. Find out how much you are willing to spend on a house and talk to your loan officer about what you want to see in your dream home. Once they know the basics, they will work with you to pinpoint the loan amount you qualify for.
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