Updated: May 4
Here’s a 4 Step quick assessment to help guide you with preparing to buy your dream home.
Step One: Get you finances in order.
There are classes available to you, that can prepare you for the home buying process. I recommend you taking the time to research and prepare yourself anyway you can. Realtors and Mortgage lenders look at your income, your debt to income ratio, how much emergency reserves you have saved and your credit worthiness in whole. Everything must be in shape before you can be approved for a loan. Your income has to exceed your debt, making sure you can handle debt is one of the most important steps that lenders look to before they approve you for a mortgage loan. If you’re credit report has derogatory information listed, Now is the time to begin credit repair process. You want to make sure all the information reflected on your report is both accurate and positive. I cannot stress enough the importance of getting your finances in order before you begin the house shopping process, no one wants to be disappointed by the possibility of delays or negative receiving feedback. Taking the time to make sure you’ve crossed every “I” and dotted every “T” can save you time and effort.
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Step Two: Choose a Trustworthy Realtor
This is vital to a less stressful out-come, the realtor’s job is to do a lot of the heavy lifting for you. An ideal realtor will take your dream of home ownership and make it a reality. Your realtor should be presenting you homes that are what you asked for. Create a list or requirement of the kind of home you’re looking to purchase. You want to make sure that this list is not being ignored. IF your realtor is not meeting your requirements, get a new one. Real Estate is a competitive business, you don’t need or want to work with someone who doesn’t understand that they work for you. Sure, suggestions should be welcomed but let’s not forget who’s dream home this will be. The realtor’s job is to work for you by making your dream come to life. Remember shop around until you are 100 % sure you’ve made the right choice.
It’s great to have three – six months of an emergency reserves saved up. Banks like to see how you maintain your finances. By having a savings account with an at least 3 months income saved, the mortgage lender can get you approved faster. Remember having your finances in order is the most important step to ensure that your dream of owning a home can become a reality. The saved reserves can be used after your mortgage approval for home improvements, or to make any renovations. Think of the reserves as a future investment towards your dream home.
Enjoy your home, you’ve gotten through the process of researching and preparing for this achievement. Now it’s time to enjoy the fruits of you labor.
I hope this quick assessment helps you when the time comes for you to prepare to purchase your dream home. If you need assistance with getting it all together before taking that step, please contact me, we are here to make sure everyone reaches their financial goals.