How to make your dreams of buying a home a reality!
As rent increases rise by almost 30 % in some cities across the US. Buying a home may be the next best option for renters looking to save on their monthly living expenses.
But for many first time home buyers, figuring out where to start is half the battle. To help ease your worries, here’s how to make your home buying dreams a reality.
- Be Realistic
Moving to a new place is stressful but setting realistic goals for your new home can help contain some of that stress. Take into consideration what aspects you’d like your home to have. Do you want your home to be close to work or public transit? Do you need a yard or HOA? Make a list of what aspects you need to have and which ones you would like to have.
- Get Pre-Approved
Getting pre-approved is one of the best things you can do to prepare for your first house. Getting preapproved allows you to narrow your options by defining your budget. It also helps speed up the process of securing our home loan once you’ve found the perfect fit.
- Pay off Debt
If you’ve set your goals and have your budget, now is the time to pay off your debt. Your Loan originator may have already gone over a plan to ensure your home buying success. But taking your own initiative to pay off your debt is a step in the right direction.
While paying off your debt make sure to set funds aside for any additional moving costs. Even if you are moving down the street or across the state having extra cash will allow you to face any unforeseen challenges.
- Be Flexible
Lastly, be flexible and allow yourself to have time to consider all of your options. Buying your first home is one of the biggest decisions you’ll have to make in your lifetime. While many mortgage companies can close your loan in less than 30 days, work on a timeline that works best for you.
To get started on your homebuying journey visit our website to find your local Loan Originator.