Spring is in the air, and it seems like half of our office is moving, buying, or selling something (don’t worry, they’re all staying local!). Maybe you’ve joined in on the fun, and are looking to buy a home this spring. Before doing so, here’s a few steps you can take to ensure your process goes as smoothly as possible.
- Get pre-qualified.
Before beginning your house hunt, ensure you’re pre-qualified. This step in the mortgage process is generally fairly simple, but a necessary starting point. Talk to a lender about the amount you can afford to borrow, then you’ll know what you can and can’t afford when you start looking for a home. In addition, a seller will look at you as a more serious buyer than others on the hunt.
- Hire a real estate agent.
You can certainly do the entire process on your own, but hiring an agent will streamline the process. They can help you find a home you like that’s within your budget, while negotiating the best price possible. Remember, they’re the expert!
- Find out your credit score.
It’s simple: the higher your credit score, the more options to buy you’ll have. If your credit score isn’t as high as you’d like, talk to your lender about ways you may be able to make improvements before purchasing your home. Understanding where you fall currently will help you to prepare for the future.
- Start saving for your down payment.
Depending on the kind of loan you choose, the amount you’ll need for a down payment can vary. In most cases, you’ll need to save approximately 20% of the purchase price for a down payment. This can be quite a chunk of change, so start saving as soon as you can!
If you’re thinking about moving, or wondering if it’s a smart financial move for you, feel free to reach out to one of our advisors today. They would love to sit down with you and begin the discussion!
Securities and advisory services offered through LPL Financial, a Registered Investment Adviser. Member FINRA/SIPC.