? What Credit Score Should I Have to Buy a House
You must check your credit report and score to know where you stand financially. Lenders will base their decision to give you a mortgage loan based on your creditworthiness. When viewing your credit report, take note of any negative marks, such as late or missed payments, judgments, garnishments and any other debts that may be listed. You need to ensure all information on your credit report is accurate. Ensure all negative marks are yours. You’d be surprised at the number of errors are on a credit report. You may be able to dispute items on your credit report and get those items removed which can raise your score. Ultimately, you want a score of 700 or higher when applying for a home loan.
? How Much Money Should I Save to Buy a House
You’re going to need cash when buying a home. Sometimes, individuals who are unfamiliar with the home buying process fail to save money for expenses that may arise during the process. A cash shortage could mean that your loan is delayed, or you could lose the deal altogether. Your lender will provide you with a Good Faith Estimate (GFE) which lists in detail the expenses for which you’ll be responsible. Among such expenses, you will see the following:
- Closing costs, which include loan origination fees, third party fees and credit check fees.
- Down payment on your new home which can range from three percent to 20 percent
If you have a decent idea of how much money you’ll need when you close on your loan, then you’ll know how much you’ll need to save. So, pay attention to the estimated costs your lender gives to you.
?♂️ How to Find a Real Estate Agent to Buy a House
Shopping for a home is fun, but you can’t go wrong with the professional help of a real estate agent. Your agent will have access to listings which you may not know about. The Renovated Home Sales Team tracks nearly every single home that is being flipped and can often negotiate with the seller before listing. They can also be a second set of eyes scoping out the features you want in your new home. If you’re struggling to find a real estate broker to help you buy a home, then you should take advantage of the following resources:
- Check local listings of homes for sale and take note of the real estate agent’s contact information.
- Ask family and friends for a referral.
- Attend an open house to meet the real estate agent hosting the event.
- Perform an online search of real estate agents in your area or that specialize in the type of home you want
✔️ Why Mortgage Pre-Approval is Important
Pre-approval is very important and can prevent a lot of heartache. When you began searching for a home, you probably didn’t have any idea how much money you could borrow. If you have no idea how much you can borrow, then you are not going to be looking at homes within your price range. What a shame it would be to find the perfect home only to learn you couldn’t get the loan.
Therefore, you should get pre-approved before you even start looking. This will ensure you are looking at homes you can afford and won’t run the risk of being disappointed. Most real estate brokers have preferred lenders/mortgage brokers that they have worked with in the past and can help you find the right one.
? Creating a Wish List for Buying a Home
Everyone has an idea of all the features that should be included in a dream home. Maybe you want a garage or a basement. Or, perhaps you prefer hardwood floors over carpet. Updated appliances might be on your wish list. Maybe you are thinking about buying a flipped, remodeled or renovated home. The idea is that you should make a list of all the features you want to have in your new home. List items that your home must have and then list the items you would really like but could do without if necessary. Unless you have a custom-built home to your specifications, it might be nearly impossible to find everything you desire in a home.
? How to Place an Offer on a House for Sale
Once you’ve found the perfect house, it’s time to make the seller an offer. Your real estate agent will help you come up with a reasonable offer which they will present to the seller. The seller can either accept or give a counteroffer. Once everyone agrees, you’ll proceed to closing.
If you are buying a home for the first time, the process can seem overwhelming. But, rest assured that you will get through it and will reap the rewards of owning a home.
Your real estate agent is the best source of information about the local community and real estate topics. If you found this site looking for a broker that specializes in flipped homes you have found the right broker. Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, tour available flipped homes for sale.