NEW YEAR, NEW HOME

Ping Realty
Jan 4, 2017
2 min read

Thinking about buying a home? Is 2017 the year you take the leap into home ownership?

Buying a home is exciting and scary. It’s one of the biggest financial decisions of your life. If you are thinking about buying a house this year or in the years to come there are some things you can do to prepare yourself. Being prepared can make the process easier and make you feel more confident about your choice. Here are some steps you can take to become prepared.

Research: Start thinking about what you like in a house. An area you would like to live. The school system. How many bedrooms and bathrooms you would like or need. Visit websites, look at magazines check out the different style of homes out there. Find things you like and things you don’t.
Affordability: Now that you’ve built your dream house in your mind it’s time to decide how much money you want to spend on your home. According to dailyworth.com, most lenders recommend that borrowers spend no more than 28 percent of their monthly income on a mortgage payment. Check out this calculator from Zillow to help give you a better idea of how much home you can afford.
Get Pre-Qualified: Find a lender and talk to them about what you are looking for and what you can afford. Ask them about the different types of loans available and what homes qualify for each loan type. They are very helpful and honest with what you can afford. If your credit is not where it needs to be they can give you advice on how to get your credit score up. The first time my wife and I visited a lender the report came back with debt we didn’t even realize we had. If this happens to you don’t get discourage, put in the work, make a plan, and get it paid down. It’ll make home ownership just that much sweeter when you finally reach your goal.
Once you have your pre-approval look for a Realtor® (I’m available). You do not need a pre-approval letter to speak with a Realtor® or to look at a house. It does make the process smoother with a pre-approval letter in hand when you begin actively looking. It’s hard to go see a home, fall in love with it, and then have someone else buy it while you are getting your pre-approval letter. I know that feeling first hand.

If home ownership is a dream you see in your future, taking the time to get prepared can ease some of the stress of taking this next step in your life. Profit from my experience.