Buying your first home is a significant event in life. Although this event is an exciting milestone, the process of buying a home can be intimidating and stressful. Figuring out how much you’re willing to spend, how you’re going to fix any flaws in your credit, and saving for a down payment can all add up quickly. Instead of rushing, take your time to do proper research and take some advice from a Waltham Realtor who is ready to help you figure out all of your finance options when it comes to buying your first home. Here are 4 steps to take before buying your first home to ensure your finances are in order and you’re ready to take this big step!
Boost Your Credit
Your credit score is a huge factor in whether or not you are ready to buy a home. Your credit score determines if you are qualified to have a mortgage and if so, for how much. To qualify for the lowest down payment you must have a credit score of at least 580, although that will not get you the best interest rates. Waltham real estate suggests having a credit score of at least 740 to get the best interest rates possible.
It is important to take the steps to boost your credit before you start the process of buying a home. The higher your credit, the more money you will save in the long run. Waltham real estate agents can assist you in ways in which you can boost your credit.
Know Your Budget
It is important to know what you can afford and what you cannot before starting the process of buying a home. The down payment is just one of the many payments you have to make when you are purchasing a house. Each month you will have to pay insurance, interest, principal, and property tax and all of these must be considered when you are figuring out your budget. Hiring a Waltham Realtor can ensure you are budgeting for the proper amount which will allow you to find the perfect home for the perfect price for you.
Do your research beforehand and learn about the average cost of homes in the neighborhood you are looking in. It is recommended by Waltham real estate to always do home research outside the neighborhood you are looking in. Keeping your options open can surprise you and result in finding a bigger home that is still within your budget.
Understand the Process
When going through the process of buying a home it is important to not rush. Sometimes the process can take longer than expected but one must remember that the best outcomes sometimes take the longest. Once you make an offer on a home your Waltham realtor and the lender will be able to give you a timeline of what to expect going forward and how long things will take. Always take a Waltham real estate agent’s advice when it comes to searching for a lender to work with.
Let Your Lender Work for You
Once you have made it to the stage of your offer being accepted, this is when things start to get busy and there becomes a lot of moving parts. You’ll have to fill out many forms and documents as well as find a settlement date. Inspections will also have to be done and then you’ll need to start the process of the move itself. Let your lender guide you through all the moving parts so nothing is lost in the process and you’ll be able to complete everything on time.
To begin the home buying process contact Hans Brings, your #1 Waltham real estate agent! Your Waltham Realtor will ensure you get the best home for the best price and everything in between goes smoothly. Call today at 617-968-0022 or email Hans at hans@hansbrings.com.