Real Estate Matters
By Elisa Jo Eagan
Buying your first home is like embarking on a grand adventure. Although extremely thrilling, learning the ins and outs of the process can often seem overwhelming. From determining a budget to obtaining a mortgage loan, there are numerous factors to take into consideration along the way. To make things a little easier, keep these five tips in mind throughout the journey.
Work With An Experienced, Supportive Real Estate Agent
Your connection with a real estate agent who will assist you, fully understand you, listen to your needs and your specific search criteria will guide you through every step of the first-time home-buying process. You will be surprised how much easier it is when you work with a real estate agent who looks out for you, cheers you on, protects you and negotiates along with you to help save you money wherever possible.
One of the many additional features offered by your real estate agent is suggestions about the best-qualified professionals available to assist you in the home-buying process, and most importantly, to put you in touch with a local, experienced mortgage company representative who will make financing your dream home possible.
Check Your Credit Score
Your credit score impacts various aspects of your life, especially when it comes to buying a home. It is a determining factor in being approved for a mortgage loan with the best interest rate.
Credit Karma offers free credit reports and an app that can help you keep track of your accounts and monitor your credit. It can also help you catch what might be negatively affecting your credit score.
Keep in mind that Credit Karma is a simulation estimate of your actual credit score. Having a good mortgage company representative is your best bet to help you understand your credit score in greater detail and guide you in improving your credit for obtaining a mortgage loan.
Be Realistic About What You Can Afford
When setting a budget, it’s important to be realistic. To keep your head out of the clouds, consider making a master list of the necessities, such as the number of bedrooms, baths and square footage, and a separate list of the extras, such as hardwood floors and a modern kitchen, that you are willing to compromise on. Many first-time buyers update their home piece by piece, creating the ultimate dream home over time.
Gather All Necessary Documents
To get prequalified for a mortgage loan, lenders typically require various documents. It is advantageous to collect pay stubs, bank statements, and W-2s from the past two years. Ensuring your paperwork is organized will eliminate having to scramble every time your lender requests additional information.
Get Pre-approved For Your Loan
Once your credit score is deemed to be acceptable and the required documents are submitted, you will be able to begin the pre-approval stage. Being pre-approved allows you to submit an offer with confidence, and puts you on an equal footing with competing bids.
As with any adventure, the destination is the most rewarding part. Take the time to enjoy it. You only get to be a first-time home buyer once.
Happy Home Hunting!
For more real estate questions, information and advice contact Elisa Jo Eagan “The Real Estate Godmother” at 609-703-0432. Remember… “There’s No Place Like Owning Your Own Home!” Learn more at TheRealEstateGodmother.com.
News flash!!! There are $10,000 grants available to qualified first-time home buyers. Call/text Elisa Jo Eagan for all the details!
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
