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Things to Get Ready When Buying Your First Home

by Mike Bowling 02/18/2019

It is not just enough to think about buying your first home. It is a life-changing experience that can have more twists and turns than a Hollywood soap opera. Homebuying can also be an enjoyable experience if you put in steps to get ready for the process well before it gets started.

Here are four things that you must do to prepare for buying a home.

Check your credit report

The most critical factor in buying a home is your credit report. This report is what mortgage lenders use to determine your eligibility for a mortgage loan. Many things affect your credit report and add up to your credit score. Find a free or paid website to check your credit report at least twice a year.

Build your credit history by also making sure that you don’t default on credit card payments and other bills. If you already have delinquent accounts on your credit report, work with the creditor to bring it back up to date. If there are mistakes on your report, contact the reporting credit bureau to address it. 

Have a budget

Budgets come out of taking a long, hard look at your current financial situation and deciding how much down payment you can afford to pay. Your economic condition affects the type of home that you can buy and your ability to pay your mortgage conveniently. Also, try to budget for other expenses like homeowners' insurance, closing fees, inspections, and possible renovations or improvements. Use a mortgage calculator online or with your real estate agent to play around with the amounts to find the sweet spot for you.

Get pre-approved for a mortgage loan

Before you start looking for a house, you should get pre-approved by your bank. Not only does this give you a stamp of approval that you are ready to buy a home, but it also gives you an edge over other buyers as the sellers know there will be a quick closing on the sale.

Find a Real estate agent

Navigating the real estate market by yourself is not advisable. Many pitfalls exist of which you may not be aware. To make your dream of owning a home a reality, find a real estate agent that is professional, has your best interest at heart and honest. This person will help you get the best deal for your money and also have a smooth buying process.

Do you think now you are ready to buy your first home? Call a local real estate agent today to get started.

About the Author

Author
Mike Bowling

 Mike Bowling began his real estate career in 1991. One of the top rated agents in Yuma AZ. Rank as America's Best Real Estates agents in the United States by Real Trend for 2015, 2016, 2017, 2018.

Help-U-Sell® Real Estate is the largest fee-for-service real estate franchise with more than 100 offices serving 26 states and the District of Columbia.

Created in 1976, the Help-U-Sell Real Estate model was the pioneer for providing an alternative to the dated 6% commission structure. We never insist on fees based on a percentage of the sales price, allowing consumers to save thousands of dollars compared to what they would have spent on a traditional broker's fee. Help-U-Sell Real Estate is a full-service, set-fee organization and our licensed professionals manage the entire home sale process from start to finish, including handling all negotiations, providing referrals, showing the seller's home, and providing expert advice and representation. We also help buyers acquire financing, find the best home for them, and negotiate with the sellers.