Today I have some helpful tips for you on purchasing a home in 2018.
The first tip is to talk with a mortgage lender about what you’re looking for. This will give you an idea of what your monthly payment will be if you’re getting financing and how much you’re going to be required to put down. At that time, they can also give you a pre-approval letter, which will allow you to get in the market to search for a home.
The second step is to interview other real estate agents. They’re going to be able to help give you qualified information on what homes are currently available, what the market looks like, and let you know if it’s a buyer’s or seller’s market. They’ll also be able to set some realistic guidelines and expectations as far as timing is concerned, as well as what other steps you’ll need to take throughout the buying process.
The third step is to get your credit pulled, which your lender will be able to do for you. There are certain specifications and credit lines that you are going to need to be able to meet in order to get a home loan. Lenders will throw out the highest and lowest score and use your middle score.
Additionally, you absolutely do not want to open new lines of credit. It may be tempting during the holidays to get another credit card or to rack up your credit cards that you already have, but that is not a good idea. You also shouldn’t purchase a new car, furniture, or anything of that nature until you’ve spoken with a lender and after you’ve purchased your home. These things can really harm the homebuying process by affecting your credit negatively.
The last tip is to keep an eye on interest rates. We’re currently at historically low interest rates, which definitely helps you with what your monthly payment would be. The type of loan you get will also determine what your interest rate will be.
Make sure that you’re taking all of the proper steps and that you’re talking to the right people before you move forward with purchasing a home in 2018. By having these steps in mind right now, you can be better prepared for when that time comes.
If you have any other real estate-related questions or ideas for video topics, please feel free to reach out to us by phone or email. Happy holidays!