The homebuying process can be a daunting prospect. With so many steps between you and your new home, it’s difficult to manage each want and concern efficiently and correctly without over-budgeting or rushing your purchase. It’s important to walk through this process correctly so you don’t find yourself in a home that you will grow quickly tired of.
We’ve sifted through a few tips that are essential to your home-buying blueprint. Though each process is different, the things that remain the same are basic to every process: expectations, location, and financial aspects. Take note of these following two strategies to get the most out of your home-buying process.
Determine Your Budget and Get Pre-Approved
Before you begin your search for a new home, ask yourself if now is the right time to move and make a big purchase. The market is ready for you, home loan rates are staying near historic lows, while the Dallas Ft. Worth housing market continues to grow as the national economy grows with it. Should you choose to buy now, you won’t regret not waiting until a later date to do so.
A lot of your home-buying success depends on how much house you can afford, and if you’re approved to buy as much house as you want. When you are ready to move, your finances will dictate exactly how much house you can buy.
Generally the first step is to secure a “pre-approval” of your loan before you begin the search. The “pre-approval” is not a mortgage commitment or guarantee. It only intended to provide you with guidance on what you can afford to spend when purchasing your new home. This type of “approval” doesn’t mean much because it only factors information that appears on a credit report (i.e debt history and credit score) and your gross monthly income you provide the lender. It is a great first step but you want to move on the next step as soon as possible, which is getting approved. An approved buyer will always have an advantage over a buyer that is only pre-approved. You will also know exactly what your bottom line is as far as what you can buy.
Working With a Mortgage Professional
One of the best moves you can make in your home buying process is working with a knowledgable mortgage professional. especially one that can help and guide you while getting pre-approved. Securing a load is a huge step and will give you an idea of where you can search and how much house you can really afford.
If you are in the market to purchase a new vacation condo or property, I would be glad to help!