If you’re planning to buy a house make sure you can afford it. There is so much to consider when planning to buy a home. One of the first steps is to identify where you are financially. Before you consider buying a home, check out your local financial resources.
- Set up interview appointments with various separate lenders. Keep in mind that just because one lender suggests you don’t qualify does not mean another may look at the situation differently and provide a mortgage suitable strategy for your specific situation. Each lender should be able to determine the amount that you qualify for your home purchase.
- Just because you qualify does not mean you can afford the home. Think about other expenses that you may have or soon will have so that you don’t blow your budget. Be prepared with questions like what a down payment would cost you or what you may need to bring to the table to close.
- Be cautious as to how many times your credit information is attained as it may affect your credit score after too many attempts. Do not make any major purchases like a car or boat once you are qualified. Consider what the lender charges for financing, what it will cost to inspect the home, appraise the home and title costs.
- Set up an appointment with your favorite Realtor. Once you know the amount you can spend, you may contact your agent to ask her/him to attain a list of available properties with your criteria. Think about where you want to be located, what you are looking for in a house and decide the differences between needs and wants.
Hopefully, you are ready after you speak with your local lender and your local Realtor about how much you can afford for the house. Let a Realtor help you take it from here. Their expertise of the local market should allow you to take the next step in selecting and owning your own home.