Home buying is a rewarding as well as overwhelming experience. But, it doesn’t have to be if you arm yourself with a good set of tools first. Here are some key steps in first time home buying you should begin with to prepare yourself prior to beginning your home buying journey.
- Know before you go, always know what your credit score is prior to going to a lender and having them run a credit check. Credit Karma has an excellent free program that you can sign-up for that will tell you what your score is before you have a potential lender check it. https://www.creditkarma.com/
- Once you know what your score is, find a good realtor in your area. Preferably someone that is very familiar with the area you are looking to purchase in. Develop a relationship with them so that you can begin looking at homes to purchase. Have an idea of the type of homes your interested in. Search the web to see what types of homes spark your interest. Make a list and take it with you when you meet with your new Realtor.
- Contact your local bank or Credit Union and find out what you qualify for, in terms of a Mortgage. Also inquire about what the current Mortgage rates are. Currently the market is really good and interest rates are really low. As of the date of this post, a 30yr fixed rate is 4.03 and a 15yr is 3.19. So those are pretty competitive. http://www.bankrate.com/finance/mortgages/current-interest-rates.aspx
- Gather all necessary documents that maybe needed such as check stubs, current taxes, bank account information etc. You want to be ready and well prepared.
Just a brief description of some of the required things you will need on your home buying journey. Please be sure to double check with your lender and Realtor prior to any purchase also you may want to consult and hire an attorney to assist with the paperwork, but this should give you a great running start. Good Luck and Happy House Hunting. Any comments or feedback would greatly be appreciated.