Before You Look
As you begin your search for your new home it’s important to think about what you want in a home and how much home you can afford to buy before you start. There’s nothing more disappointing than falling in love with the “perfect” house and then discovering that it’s beyond your means, or realizing too late that it’s not exactly what you needed. But not to worry! A little simple preparation and planning can make your home search a successful and pleasant experience.
Knowing How Much You Can Afford
It’s always a good idea to meet with a mortgage consultant before you get too far into the search process. Copper Basin can refer you to a qualified professional mortgage specialist if you don’t know one. Your mortgage consultant can help you:
- Discover What’s On Your Credit Report – Do you know your credit score? Do you know if the information on your credit report is accurate? You should, because your credit report history of how you’ve managed your finances and it’s the key to your approval for a new home mortgage. Believe it or not errors are not uncommon on credit reports. Your consultant can help you check your credit report out before trying to obtain a mortgage. That way you can correct any errors that might adversely affect your loan application before you apply.
- Determine How Much House You Can Afford – Meeting with a mortgage consultant will help you figure out how much you can afford. They’ll take into account all your sources of income as well as your expenses so you don’t fall into the trap of taking on more than you can handle. They can also let you know about federal tax credits, down payment assistance programs or other incentives available to you.
- Get Pre-Approved For A Mortgage – Pre-qualifying will tell you what you should be able to afford so you don’t spend a lot of time looking at the wrong houses. You’ll be able to look at houses with confidence – knowing exactly what you can or cannot afford.
Knowing What You Want & Need
It’s always good to think about where you would like to live. After all, you probably don’t want a home that’s too far from work, shopping, or good schools. Where you’ll live is important to consider when buying a house, but so are other things. To get started:
Organize Your Thoughts:
- Make separate lists of what you’d like and what you need to have.
- Highlight or add things to your list that are essential.
- Start a journal during your search to make notes and keep track of the things you like and dislike.
Other Things To Consider:
- Location – Neighborhood & Town
- House Size – Number of bedrooms & bathrooms
- Lot/Yard size
- School systems
- Commute Time
As You Look Remember To Note:
- Asking Price
- Square Footage
- Heating & Cooling System Details
- Yard Size
- Initial Overall Impression