Purchasing a home is a huge financial decision that should be made with careful consideration and planning. Luckily, Mortgage Planners at Fairway Independent Mortgage Corporation are experts in understanding the guidelines, explaining the loan process, and making the experience a great one for all involved. As you begin the process of buying a home, follow this guide for step-by-step instructions and call me with any questions that you may have.
- Start researching the type of property available within your budget as well as neighborhoods you like.
- Your monthly budget is just part of the financial equation of buying a home. It is critical to meet with a Mortgage Planner before you start seeing homes to understand what you can truly afford. The size of your down payment will largely impact your monthly mortgage payment, interest rate, and savings balance, so it is important to consider all of these things. You may be eligible for grants and down payment assistance programs, so having an expert advise you is key.
- Understanding your credit score is a crucial piece of the puzzle when you are buying a home. Lenders use your credit score to determine how likely you are to repay your mortgage loan and determine your interest rate. I will run a credit check and find out what your score is as well as tell you if you are ready to buy a home with this score or if there are things you need to do to improve your credit.
- Once you find a home that you love, do your homework on the area to make sure that it is a good fit for you and your family. Start by researching the neighborhood to find out what is in the area and check out the schools and local amenities. It is also a good idea to visit the home at different times of the day to see how quiet or active the area will be.
- Schedule a home inspection so that you know what repairs must be made and how much they will cost. If the home is in need of repairs, you might be able to negotiate the seller to pay for some of the repairs.
Call me today and set up an appointment to find out if the home of your dreams is within reach. I will walk you through the process of purchasing a home and give you the tools you need to make this the best decision you will ever make.Tags: Homebuying