The commitment to purchase a home is a tremendous step both emotionally and financially. Below are many helpful hints and ideas that can help prepare you for your home purchase and guide you through a successful transaction.
Get help. The purchase of your home will represent one of the largest financial commitments in your life. Choosing the right agent to represent your interests is paramount to insuring a smooth transaction from purchase offer to closing. You should identify an agent you are comfortable with and exhibits a professional knowledge of real estate and the area you planning to move to.
You will require money for your down payment, inspections, closing costs, moving and other expenses. Check with your local banks for “down payment assistance programs”, ask your agent if they are aware of such programs.
Check your credit scores. With poor credit you are a bigger risk to lenders and can lead to higher interest rates. The higher the rate you pay reduces the amount of home you can qualify for or possibly keep you out housing market altogether. Make sure paying auto loans, credit cards, and other payments on time and in full. A “housing counseling agency” can help you develop a plan often at little or no cost.
Get pre-approved. A bank can quickly identify what you can afford? Searching for the right home and finding out you cannot afford it can be a frustrating experience. Educate yourself to the different financing options available. Identify the lender you want to work with and prepare the documentation required so you can move quickly once find the right house for you.
Avoid major purchase while navigating the home buying process. Lenders will use your debt-to-income ratio to identify the percentage of your gross income you spend on debt. Debt ratios include: monthly housing costs, auto payments, credit card payments, student loans, and any other revolving debt. The more debt you take on will impact the amount a bank will finance.
Take of advantages saved searches. Saved searches help identify what is available for purchase and educate you concerning market trends. From our nutshellrealty.com website you can see all active listings on the Ulster County MLS as well as exclusive Nutshell Realty listings. Saved searches automatically notify you of new listings the day they become available. Correctly priced homes sell quickly. This will ensure you are aware of all inventory at all times.
Have the home professionally inspected. You need to be knowledgeable of all aspects of the home you have identified for purchase. If issues exist the inspection report will help you’re your decision process.
There will undoubtedly be additional questions as you navigate the purchasing process. Our Nutshell Realty sales associates can provide the answers or the professional resources to alleviate your concerns.