If you’re planning to buy a home this spring, you should prepare now. Here are five things you can do to help you get into the home of your dreams as quickly as possible.
Before you start looking for a home, get pre-qualified. This way, you’ll know what you can afford and can shop within your budget. Plus, you’ll be a “serious” buyer to a seller. Discuss loan options with your First Interstate Bank Mortgage Lender and start thinking about how you plan to finance your home. Don’t have a lender yet? Find one in your area!
Hire a real estate agent.
You can do a lot of searching on your own, but it’s still essential to have a real estate agent help you with the home buying process. Your agent can help you find a home you like, within your budget, and negotiate the best deal for you.
Find out your credit score.
Your credit score is key to getting the best loan possible. By law, you get one free credit report each year by going to annualcreditreport.com. Take advantage of this free offer and review your score. It’s important to keep in mind online credit reports don’t provide FICO scores, which is what is used for mortgage reports. Online reports can give you a good indication of what your credit score may be, but your credit score may be different when pulled by your Mortgage Lender. If your score is lower than anticipated, talk to your lender about how you can improve it before buying your home. There are things you can do to change your score in as little as three to six months. The better your score, the more options you’ll have.
Save for your down payment.
The type of loan you choose determines the amount you need to save for a down payment. There are several loan options that allow you to have a minimal or even no down payment. Working with a Mortgage Lender will allow you to fully understand the mortgage options available to you given your specific circumstances. If you’re able to put down 20%, you will not have to pay mortgage insurance, which can decrease your monthly mortgage payments.
Get your documents in order.
If you know you’re ready to buy a home within the next three to six months, start a file to use for documentation purposes. Ask your Mortgage Lender what you’ll need for the loan, and start preparing now. Some of these documents include paycheck stubs, W-2s or I-9 tax forms, bank account statements, investment statements, details on current real estate holdings, or tax returns. Be sure to keep this information updated until you’re ready to buy.
Buying a home takes time, but the process is easy when you’re prepared. For your convenience, we’ve put together a variety of mortgage calculators so you can determine which mortgage might be right for you. Of course, our mortgage experts are also here to assist you. Simply find a Mortgage Lender in your area and get started!
Information is for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author.
Source: Southwest Strategic Marketing, LLC