It’s best to be prepared before purchasing a home, especially in today’s market! These five helpful tips will help get you started on your homeownership journey.
1. Look at Your Credit
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- One of the first things you should do when beginning the home buying process is to review your credit score. The minimum credit score for most mortgages is around 620.
2. Manage Your Debt
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- After you’ve looked at your credit, see what outstanding debt you have and chip away at it as soon as possible. You can also reach out to a credit counselor to help assist you in managing your debt. They help create a budget and repay your debt.
3. Contact a Mortgage Lender
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- Don’t know any mortgage lenders? Lucky for you, I have multiple resources to help you find a lender that fits your needs. Once you’ve established a mortgage lender, they assist you during the pre-approval process and figure out which loan product works best for you.
4. Put Together a Budget
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Review your income and expenses. This will help determine how much room you have in your budget for set aside for a downpayment and it’ll help determine what you can comfortably afford when it comes to your monthly mortgage payments. Be sure to consider closing costs and private mortgage insurance (if your downpayment is less than 20%).
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5. Consider Low-Downpayment Options
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- There are a ton of various loan products that don’t require 20% or more for a downpayment. Contact your lender (or I can help you find a mortgage lender) and see what options are available for your specific situation.
Bonus Tip: Find a knowledgeable, professional and experienced real estate agent – Like me!
Can’t believe October is right around the corner. I hope you all enjoyed your Summer and have a great Autumn!
