Real Estate Matters
By Elisa Jo Eagan
As we enter a new year and set plans for 2024, one goal that might be on your list is becoming a homeowner. Buying your first home is akin to embarking on a grand adventure.
Despite being thrilling, navigating the ins and outs of the process can feel overwhelming. From setting a budget to securing a mortgage loan, there are numerous factors to consider along the way. Keep these five tips in mind throughout your journey.
- Work with an Experienced Real Estate Agent
Connecting with a supportive real estate agent who understands your needs, requirements and specific search criteria is crucial. They’ll guide you through every step of the first-time home buying process, offering advice, protection, negotiation and connections to qualified professionals, including local mortgage company representatives to make financing your dream home possible.
- Check Your Credit Score
Your credit score significantly impacts buying a home. It determines approval for a mortgage loan with the best interest rate. Use tools like Credit Karma to monitor your credit, understand its factors and work towards improvement, with the help of your mortgage company representative.
- Be Realistic About Affordability
Setting a realistic budget involves listing necessities like bedrooms and bathrooms separately from extras like specific home features. Many first-time buyers gradually upgrade their homes, fulfilling their dream piece by piece.
- Gather All Necessary Documents
For mortgage prequalification, gather essential documents like pay stubs, bank statements and W-2s from the past two years. Organizing paperwork in advance avoids last-minute scrambles for additional information.
- Get Preapproved for Your Loan
Once your credit score meets requirements and necessary documents are submitted, enter the preapproval stage. Preapproval gives you confidence while making offers and places you on par with other bids.
Remember, like any adventure, the destination is the most rewarding part. But enjoy the journey of being a first-time homebuyer – it’s a one-time experience.
Happy Home Hunting! There’s no place like owning your own home!
For all of your real estate advice and questions, call/text Elisa at 609-703-0432 or see TheRealEstateGodmother.com. Remember, there is no place like owning your own home.
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!”
