Are you planning to purchase a home in 2017? Buying a home can be a tedious process for first-time home buyers and also for repeat buyers as there are a lot of decisions to make along the way. Before preparing this blog, we asked our real estate agent friends to express their views about what prospective home buyers look for when buying a home. To help you in your home buying process, we’ve summed up some of the best home buying tips that and the most common mistakes that home buyers make.
1. Credit Score Matters
As soon as you decide to buy a home, the first thing you should do is check your credit worthiness. It is important that you know your credit score and you have a recent copy of your credit report. A few months before you wish to purchase, it is a good idea to check into a credit monitoring service, such as Pro Credit to see where you stand. Waiting to the last minute is not the time to correct any errors in your report. Addressing the issue early will confirm that you are in a good position as you want your credit to be good, as the higher your score, the better the benefits.
2. Avoid Opening New Line of Credit
As a rule of thumb: do NOT overspend during your home purchase season. By opening any new accounts, you may hurt your chances of getting a mortgage loan at the best rate. President of United Financial, Jason Walowitz , says “ Opening any new account can change your loan ratios and can therefore potentially kill your loan approval.” New buyers need be privy to this information, especially around the holidays, when many stores offer discounts for new credit cards or lines of credit.
3. Look for a Lender
It is important that you have a reputable mortgage lender when purchasing your home. You will be in contact with these individuals on a weekly, if not daily basis so it is important you know that they are trustworthy and working hard for you. A good lender will put your needs first and explain all of the loan options that are available to you. Before finalizing your loan officer, take your time to know what each lender can offer.
Tip: United Financial Counselors can help!
4. Interview Real Estate Agents Near You
Ask your financial institution, your friends, or relatives if they can help you in find a good, honest realtor. A Los Angeles, CA, Chantay Bridges, real estate agent said “Look for [an agent] that is knowledgeable, good, integral, and can assist you in reaching the goal of home ownership. “Make sure they are not a novice, new, or just unaware of how to do a specific transaction.”
Tip: United Financial Counselors has many realtors that we work with hand in hand.
To learn more from the professional s please visit our website www.unitedcounselors.org