Ready to start house hunting? With inventory tight and prices on the rise, it’s a crazy time to jump into the home buying process. However, scoring your dream home is far from impossible. Use these four tips to ensure you’re putting your right foot forward.
Get Your Financials In Check
Before you start the house hunting process, you need to get your financials in check. This means cleaning up your credit score and saving for a bigger down payment.
To secure the best interest rates, you’ll want at least a 740 credit score or better. Increase your credit score by paying down your balance on existing lines of credit and avoiding late payments. Additionally, run your credit to identify any mistakes on your credit report. Correcting these can help you improve your score drastically.
Get Pre-Approved
Getting pre-approved means a lender has checked your credit score, verified your income, and confirmed your assets. With a pre-approval letter, you can make an offer immediately. In a competitive market like this, that’s essential. In fact, going house hunting without one would be a waste of time for you and your realtor.
Work with a Real Estate Agent You Trust
While much of the world today is run by apps, there’s something to be said for human intelligence. You might not inherently consider items such as homeowners association fees, water damage, and structural integrity of a home’s foundation. When you work with a real estate agent you can trust, they’ll help you evaluate all the additional costs associated with purchasing a new home.
Be Flexible
One of your biggest advantages as a first-time homebuyer is your flexibility. Current homeowners who are looking to sell their home on contingency and move into a new abode need to move when they need to move. As a first-time homebuyer, you might consider giving a seller a longer closing window. This added perk could make you standout from the competition.
Ready to get pre-approved? Contact me today.
