Tips to Help You Prepare to Purchase a Home
House hunting can be a fun and exciting process. The actual process to purchase a home can be an arduous and emotional one that requires patience, time, and effort. It’s important to understand the process in order to help you prepare to buy a home and make an informed decision about the home you choose. Read below for a list of tips we have compiled to help you prepare to purchase a home.
- Check your credit score – The first thing you should do is take a look at your credit. Make sure everything is accurate and clear up any discrepancies you may find with the credit bureaus. Lenders look at your credit, amongst other items, to determine your mortgage rate. Pay off and lower your debts and make sure to pay your bills on time. Plus, you should avoid making any big purchases like buying a car or something expensive that you will have to finance. You want to show lenders that you are stable and will be a reliable and trustworthy borrower.
- Get pre-approved by a lender – Go to a bank to find out how much house you can afford. You don’t want to have your heart set on a home that you cannot actually afford. During this process your financial records will be scrutinized. You will need to provide documentation of your financial records, such as your W-2 statements, bank statements and, if you have freelance or self-employment income, copies of your last two tax returns, and outstanding debts.
- Determine your budget – Just because you qualify for a certain amount doesn’t mean you have to spend that amount. Be honest with yourself and figure out how much you are comfortable spending on a monthly basis. You don’t want to buy a home and not be able to afford to decorate it or pay the bills. Also keep in mind the cost of appraisals, inspections, closing costs, utilities, taxes, insurance, homeowner’s association dues, and eventually maintenance.
- Research, research, research – Now that you know how much home you can afford and what you are comfortable spending, it is time to narrow down the search to find your dream home. Contact the French Brother’s team to see which new homes in Alamogordo NM best fit your needs. We have ready move in homes available if time is short. If you have more time, and really want your home to reflect your tastes and lifestyle, look at a presale, where you can choose all of the colors, finishes, and any architectural options to make it perfect for you!
- Save for a down payment – A good rule of thumb is to have a down payment of 20 percent or more. Also look into homebuyer programs and loans, such as first-time homebuyer programs, VA loans, and FHA loans to assist you with your purchase.
- Get Excited! – Now that you are ready to make the investment on a new home, its time to start dreaming about how you will decorate, all the backyard BBQs you can invite your friends to, and all of the memories you will make with your loved ones in your brand new home.
By following the tips above, you will be on your way to knowing what it takes to purchasing a home. Now all you have to do is go out there and find the home for you. Give us a call at 575-404-1668 to learn how you can start Living Your Dream in a brand new French Brother’s home.
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