If you are looking to purchase a home in 2018, the time to start preparing is now! Here are some important tips to get you on your way to homeownership:
The journey of homebuying begins with research.
Know what you want in a home. Make sure you prepare a list of what you’re looking for. Be mindful of functionality while doing up the list. While you’re at it, look into other factors such as crime statistics, nearby shopping centres, or school districts in the area.
Know what you want in a team. This is a huge decision, vetting agents and mortgage lenders to help you on your journey is incredibly important.
You’ve got two major factors to consider: your initial down payment and your monthly payments. Keep in mind that there will be expenses over and above those that you may not have had to pay before. Bills like homeowner’s insurance and water can be a shock if you’re not prepared. Figure out how much you can realistically spend on home-related expenses per month. From there you can estimate a down payment and write up a budget accordingly.
It’s no secret that getting approved for a mortgage requires a good credit score. To avoid any surprises, check out your score well before you intend on purchasing a home. If it leaves something to be desired, don’t worry, there are things you can do to help boost it. Just make sure that you start at least six months before applying for a mortgage.
Do not over use your credit cards for two months prior to applying. Try to keep usage to around 10% of your total credit limit, and pay off your balance every month without fail.
Do not apply for new credit cards in the months leading up to your mortgage application.
Do pay down credit card balances.
Do ensure payments are made in full and on-time.
Do hold off on other big decisions. Buying a house is a big enough change, do you really need that new car? Is it absolutely necessary to switch career paths right now? These changes can complicate your application process.
Here at Source Mortgage Centre, we are experts in all things mortgage. We have helped many clients find their perfect fit, so we know exactly how exciting this experience can be! Ensuring you have the right tools is integral to making both the journey and the outcome, a positive one. By following these simple tips, you will be well on your way to being a successful homebuyer!
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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