Spring is here, and it’s time to get the ball rolling on buying your new home in and around Waltham, MA. It’s a busy home selling and buying time of year, which means you may have some competition as buyers flock to get their dream home. Like many things in life, preparation is key to success, and you can successfully buy a home this spring if you take the time to get certain things in order. Let’s look at four tasks to do before buying a Waltham home this spring season.
1. Do a Credit Score Check
Knowing the health of your credit score is important when seeking to buy a home. When it comes to getting a mortgage, your credit score will impact the home you can afford, the mortgage interest rate and even the down payment. The better your credit score, the greater chance you have of getting a favorable interest rate, which would positively impact your monthly payments. You can get a free credit report from to credit reporting agencies, such as Equifax, Experian, and TransUnion through annualcreditreport.com. If your credit score is bad, you can take steps to improve it before you start hunting for any kind of real estate.
2. Get Preapproved for a Mortgage
It is possible to find yourself buying in a competitive Waltham real estate market and getting an edge over other home buyers could rest on you getting preapproved. Preapproval typically speeds up the underwriting and loan approval process and extends for 60-90 days. It’s a good thing to have when you have passed the casual house hunting phase. Ultimately, you can buy a house faster when you get a preapproval from a lender, who will review your credit report and other documents like pay stubs, W-2s and bank statements.
3. Make a Realistic Budget
A good Waltham Realtor would advise you that mortgage payment is only one aspect of buying homes of any kind. Buying a home is more than just a mortgage payment. Down payment, closing costs, property taxes, and inspection costs are among the other expenses that you’ll likely incur when buying a house. While you may get a good deal on a house, it won’t be in the chump change category. It’s important to consider all the possible expenses that you’ll face during the process, before and after finalizing a purchase. It helps to be realistic about potential expenses and to align your budget accordingly.
4. Outline What You Want in A home
Before heading out on the house hunt, create a list of the features that you are looking for in your home. It could be that you want a master suite with a shower and tub, vaulted ceiling, big backyard, or a fully finished basement. If you're working with a real estate agent, communicate exactly what you want in your home. This will help you to tailor your budget and make house hunting a little smoother.
Buying a home in Waltham, MA this spring can be an exciting or stressful time. To minimize worries or chaos, it helps to formulate a plan to guide you. Being prepared will keep the stress at bay and get you into your new home faster.