Here are some solid best practices for homebuyers. Give us a call and enjoy the experience that our team has to offer you!
Congratulations from everyone here at Maine Real Estate Choice on taking the first steps towards becoming a homebuyer. Understanding home buying best practices, is important!
There are many articles as to why it is so important to have a Real Estate Agent at your side.. and seek out those articles! Purchasing a home is exciting, and it is important to review all the steps with a professional at your side, helping you to do your research before you make your important decision.
Here are a couple of helpful best practices for you:
1. Understand Your Financial Situation
Before you even start looking for a house, it is important to understand your finances. This includes determining how much of a down payment you can afford, what kind of loan(s) that you qualify for, and how much you can spend each month. Be sure to consider any extra costs such as closing costs, taxes, loan origination fees. For details like this, our team members can and will help you with clear guidelines in this area.
2. Get Pre-Approved for a Mortgage if you can.
Getting pre-approved for a mortgage can be an important step in the home buying process. It gives potential sellers and lenders the assurance that you are a serious buyer, and it allows you to get an estimate of how much you can borrow and how much you will need, to make monthly payments, to target the best homes to look at.
To get pre-approved, you will need to provide documents proving your identity, income, employment history, and credit history to your lender(s) of choice. You will also need to pay an application fee for this service. Once pre-approved, you’ll receive a pre-approval letter that you can use when making an offer on a home.
Instead of paying rent each month, invest in You! Give us a call today!