Purchasing a home is a huge step, especially for first-time home buyers who are new to learning the process. RISMedia published an article highlighting the top tasks all home buyers must consider when looking into purchasing a new home.
Being aware of your credit score is hugely important when starting the home buying process. Be aware of your credit history and check through it for accuracy. Doing this ahead of time will save you from delays in the mortgage process.
Hire Real Estate Professionals
Purchasing a home is an exciting and stressful experience. Be sure to surround yourself with a team of real estate professionals that are dedicated in guiding you to success. This also includes mortgage lenders and title companies.
Before you begin searching for the home of your dreams, contact a mortgage lender and get pre-approved. The pre-approval will provide a financial scope on what you can afford in terms of mortgages.
Stick to your Budget
Do some research on what your monthly mortgage payment could be and factor that into other expenses. Don’t look at or fall in love with a house you cannot afford. It is important to be financially savvy through this process and understand the limits of your own budget.
Lease End Dates for Renters
If you are currently renting and looking to buy, timing your lease end date correctly is important. Go over the current lease agreement and talk with your landlord about the possibility of requesting an extension or terminating the lease early. Moving is a stressful process that requires forethought and planning. Talking with your landlord early can save you some trouble.
Down Payment Assistance
Down payment assistance programs are available for first-time home buyers but are sometimes overlooked with the assumption programs only apply to low-income buyers. Some lenders participate in programs that offer no-interest loans or grants for down payment assistance.
Get the house inspected!
A home inspection is one of the most important punch-list items to tackle while your home is under contract. This is one of the biggest investments you are making so it is important to be sure that the home is structurally sound without any outstanding issues. Also, a final walk-through on the day of settlement is a must!