Purchasing a home is a huge financial decision and the best decisions are always made with careful consideration, research and planning. Follow this guide for simplified step-by-step instruction on buying a home and then call us to discuss how Fairway can assist you with this the year that you purchase your dream home.
- Start researching the type of property available within your budget as well as neighborhoods you like.
- Your monthly budget is just part of the financial equation of buying a home. It is critical to meet with a Mortgage Planner before you start seeing homes. The size of your down payment will largely impact your monthly mortgage payment, your interest rate, and your savings balance so it is important to consider all of these things. There are even grants and down payment assistance programs available so having an expert advise you is
- Understanding your credit score is a big piece of the puzzle when you are buying a home. Lenders use your credit score to determine how likely you are to repay your mortgage loan and determine your interest rate. Your Mortgage Planner will run a credit check and find out what your score is. Fairway will be able to tell you if you are ready to buy a home with this score or if there are things you need to do to improve your credit.
- Armed with a pre-approval* letter, you and your real estate agents will be able to find the house of your dreams.
- Before you make an offer on a home, make sure you run through a quick checklist to be sure you are making the right decision.
- Research the neighborhood to find out what is in the area
- Check the schools and local amenities
- Try visiting the home at different times of day to see how quiet or active the area will be
- Schedule a home inspection so you know what repairs must be made and about how they will cost. If the home is in need of repairs, you might be able to use this as a bargaining chip when negotiating the price of the home. (Sometimes the sellers will pay for the repairs that are needed.)
Call Fairway and set up an appointment with a Mortgage Planner to find out if the home of your dreams is within reach. We will walk you through the process of purchasing a home and give you the tools you need to make this the best decision you will ever make.
*May not be applicable in the state of Texas. Please check with your mortgage planner for more details about programs that are available for homebuyers.
Tags: First Time Homebuyer