FINANCIAL READINESS.
Study your finances. Save, save, and save! Get serious about crunching numbers in your budget to figure out how much you’ll be able to save for a down payment, and how much disposable income can go towards homeownership expenses including your mortgage, utilities, and taxes. Knowing your finances like the back of your hand will only make you more prepared when it comes down to determining how much house you can afford, and what you feel comfortable spending every month. It is important to keep that same meticulous energy when it comes to your credit. Curb your credit usage by avoiding big purchases while gearing up for the purchase your home. Get your credit score where it needs to be to ensure that lenders will find you suitable for a home loan. Speaking of loans…
Do some digging, either online or with a loan advisor, to figure out what type of mortgage loan is best for you. Home loan offers can vary in interest, term, and backing. There is no one size fits all. Just like you should know your finances to a t, you should also know how your mortgage works. A good starting point may be to research which lenders are offering the best rates. Once you understand the basics of what’s out there and have an idea of the type of mortgage that will work better for you, contact a few lenders – to broaden your offer pool. They’ll study your financial ability and characteristics and present you with offers. Take your time studying different lender’s offers to make sure you choose an option that makes the most sense for you. Once you find terms that suit your finances, the lender can offer you a letter of pre-approval which states the amount of money they are willing to pay for a property on your behalf. This letter gives very clear parameters around what you can afford.
THE HUNT!
With these economic parts of the process under control, the pursuit for your next home can begin. The search always starts the same way, with a good real estate agent. Find an agent who is knowledgeable, professional, and likeable. You’ll be spending a lot of time with the agent throughout this intimate process of finding your next home. Working with an agent who you like will only makes the process more enjoyable. Work with your agent to assess your wants, needs, financial abilities, and your place in the market as it pertains to these variables.
THE PIN-DOWN.
Once you’ve found the place, your agent, loan officer, and attorney can help you navigate the offer process, a mortgage application, home inspection, appraisal, and closing process.
For more information contact Prendamano Real Estate at info@prereal.com or call 718.816.7799.
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