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5 Things You Need to Complete Before You Buy A New Home
Sunday, 15 July 2018, 11:30:00 AM

5 Things You Need to Complete Before You Buy A New Home

5 Things You Need to Complete Before You Buy A New Home 

Many first-time home buyers do not understand the importance of making sure they have all their ducks lined in a row before the venture into buying a home. This can lead to disappointment when they find out they don’t have everything done that they should before they purchase a new home. Complete these 5 tasks before buying a home to make first time home buyers a smooth and easy process for you and your REALTOR@ who will be helping you not look for your dream home but make it a reality.


Credit Score

The most important thing when you are looking to buy a new home is to check make sure you have a decent credit store. It can be impossible for anyone to get a home loan without having a good credit score. You can improve your credit score by opening new credit cards, spending money on them and keeping up on each payment. Remember not to spend more money on your credit card's than you have to pay it back because it is important that you make each payment on time in order to truly build your credit score up. Make sure you don’t open any new credit cards up until a year before you go to apply for a mortgage.


Max Budget

The second most important thing to do before you even consider buying a home is to figure out what you can truly afford. Figure out what your ideal home price would be but also what your maximum is so that you do not go over budget at all. It is important to look at a few homes and get a feel for the market and what you can get for your money before deciding how much you can afford to spend. Sometimes first-time home buyers are willing to higher their maximum to get their dream home.


Down Payment/ Closing Costs

The third most important thing to do before looking to buy a home is to make sure you not only decide how much you want to spend on the house, but you also have money saved for your down payment and closing costs. To purchase a house, you're going to need a down payment of at least 20 percent of the total house price. Remember that there are also closing costs when it comes to buying a home, so you will need to have extra money aside from the down payment saved up for that.


Savings Account

When you are building or maintaining your credit score it may be a good idea to open a savings account so that you can save money each month towards your down payment and closing costs as well as extra money for if something is wrong with your new home or something goes wrong. It is very important to know around how much money you have to save in total, so you can have a set amount taken out of your checks each month going Into your savings account so you know when your goal will be reached.


Preapproved Mortgage


Lastly, it is important that you go to a bank and apply for a mortgage, so you can get preapproved for a certain amount. Knowing how much you are preapproved for can help you determine how much money you need to have saved in total and how much you can afford to spend on a house that has everything that you need it to. Without a preapproved mortgage you may have more trouble finding your new home.

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