Buying a home, especially your first one, is a big deal. In fact, it is probably going to be the most expensive thing that you ever buy! That being said, there are many things that you need to think about and consider before you jump right in.
Here are some things to consider when house hunting.
Meet With a Professional
It is important to meet with a mortgage professional a few months before you want to buy a house.
By meeting with an expert, you can see where you need to work on your finances and credit to make sure that, when you are ready, you will be approved for a loan. If you wait, you may not be eligible for a loan due to your debt or your credit history. If you already saw someone, you have time to work on these problems so that you are more likely to get a loan when you need one.
Get Pre-approved for a Loan.
A pre-approval is a really good idea. By meeting with a mortgage professional, you will find out how much you can really afford when it comes time to buy a home. You don't want to fall in love with a home only to realize that it is way out of your price range!
Make a Realistic Budget
Just because you are pre-approved for a certain amount doesn't mean that you can realistically afford to pay that much every month. Besides, you are going to be paying for more than just your mortgage. You will have to pay taxes, electricity, sewer, trash, and much more. It is important to come up with a number that you are comfortable with before you start looking at homes.
Prioritize what you want and need
Your wants and needs can be hard to prioritize when you start looking at homes. You may want a certain style of home (such as a ranch), but is it a deal-breaker? If you have children (or want them soon), are you interested in certain schools or neighborhoods? How many bedrooms do you need? How many do you want? What about bathrooms? All of these are things that you should know before you speak to a real estate professional.
Really think about the future when deciding what you want in a home. If you are planning on having children in the next few years, you are going to want to make sure that you have enough bedrooms in your home. You may decide that you would rather buy a smaller starter home to build up equity before you move into your dream home.
Work With a Real Estate Professional
A real estate professional can make the whole process go smoothly and, if you choose one who is very familiar with the Duluth area, their knowledge will really help.
We’re here to help you realize your dream of owning your own home and we’ll work with you so that you can find the house of your dreams at a price that you can afford. Don't hesitate tocontact us today!
We are a direct lender and a broker who will work one on one with you to exceed your expectations. If we don’t have a product that makes the most sense for you, we’ll find the lender that does. We’ll make sure you have the best loan at the best price. Choose Lend Smart- it’s the smarter way of doing business.