If you’re a First Time Home Buyer thinking about purchasing your new house, there are a few things you should know in advance before signing the dotted line and renting a moving van.
Get Your Finances In Order
Before inquiring about a mortgage, you should already be allocating your money, and setting some aside for your down payment. Sourcing money for at least two months in a separate bank account makes all the difference when you know you’re going to be applying for a mortgage. Mortgage companies look up your FICO score, which is an in depth view on your credit history. By setting aside designated money for your down payment, you are speeding up the process and making things easier for all parties involved.
Get Pre-Approved BEFORE Looking For A House
When you get your pre-approval before finding a home, you’re setting a budget for yourself. You have a ballpark range of how much money you’ll be expected to receive, which will keep you grounded when looking for a home.
Get A Professional Home Inspection
When having a home appraised, it’s always a good idea to get it professionally inspected. This will save you some money in the long run, because you’ll be aware of any issues the home might have. Any issues usually can be negotiated between buyer and seller, or between attorneys. By having your home professionally inspected, unexpected repairs are not a thing to worry about. When buying a new home, it’s always beneficial to spend a little bit of money to save money later.
Give us a call today for any other questions you may have on the home buying, or mortgage process.