Everything a New Homeowner Needs
One of the things that you should do is to review your credit score. First of all, you should find out what your credit score is since it is what the lenders will use to establish if you are worth the risk. One thing that you should know is that with a better credit score, you will get better interest rates. Because of that, if you have a poor credit rating, you should try to boost your credit score.
Apart from that, you should determine what you can afford. There are many online calculators that can show you monthly mortgage payments. It is also essential to think about expenses that come with homeownership. You should know that the bigger the down payment that you have, the more homes you will get. Read more here about homeowners grants that can help you secure funding.
Besides, you should also gather your paperwork. This will require you to collect all the papers that you will need to secure a mortgage loan. This will require you to show your personal returns for the past 2-3 years, bank statements, proof of your address and identification and the recent pay stubs and credit card statements.
The next thing is to look for a mortgage lender. Here you will have to compare different mortgage lenders so that you can find the one that suits you. You can as well hire a mortgage broker who can show you several options because they have access to many lenders.
In addition, you should get pre-approved. Once you have found the right mortgage you can get pre-approved for a certain loan amount. One good thing with this is that it will show that the lender has checked up on you and is willing to loan your amount. For that matter, the sellers will be in a position to know that you are able to buy the house.
The next thing is to choose a realtor. One thing that you can do is to ask for referrals from your family and friends on real estate agents, or you can choose the agent that has lots of solid listings. When you have found the agent, you should explain to them the finer details of the kind of house that you need so that they can know what to look for. After which the agent will send you listings which you should browse online and in person to get the details.
Apart from that you should put an offer. Once you have identified the house that you want, you should place your offer and the moment your offer is accepted you should start parking.
Citation: wikipedia reference