Getting Ready to Buy a Home – how to get startedWith rising interest rates, it’s easy to get discouraged thinking that it’s too late. It’s not. With a bit of
Getting Ready to Buy a Home – how to get started
Dated: July 13 2022
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Getting Ready to Buy a Home – how to get started
With rising interest rates, it’s easy to get discouraged thinking that it’s too late. It’s not. With a bit of preparedness and resourcefulness, it’s the best time ever to get into the home of your dreams.
Monthly payments are still cheaper than rents. And with rents rising, getting into a fixed rate mortgage can also provide longer term financial security.
Here are some steps to help you get started:
1) Get prepared financially
· Improve your credit score by paying off debt. While FHA loans require a minimum credit score of 620, a higher credit score improves your “buying power” and increases the chance of you getting your mortgage loan approved.
· Save for down payment – make sure that any money towards down payment and closing costs is sitting in your account for at least 2 months of bank statements before applying for an actual mortgage. This can make the approval process go a bit smoother.
· Don’t make any new major purchases that might impact your credit score or reduce how much home you can afford.
· There are several programs that will assist with down payment or closing costs. You can check available programs in your area “here”. Click “here” for a list of IDHA lenders.
2) Get Pre-Approved
· This will let you how know much house you can afford based on your income, debt, down payment amount, credit score and the current interest rate.
· Pre-approval not only shows sellers that you are qualified to purchase their property when you submit your offer, it makes your offer more competitive. After all, no seller wants to accept an offer only to find out later that the buyer was “window shopping”.
· Pre-approval also gives buyers a jolt of reality regarding what kind of home they can really afford. Most times, buyers might adjust their target area or other items on their wish list once they receive their pre-approval.
· Adjust your home search criteria based on the pre-approval amount. You might be able to get more house than originally anticipated. Or you might shop slightly under the pre-approval amount to give room to make an offer over list price, if that becomes necessary.
· Some lenders can even provide full underwriting approval up front, allowing any offer you submit to compete with cash offers!
Once you’re pre-approved, a Realtor can get you in to see desired properties quickly. And in today’s environment, timing is key.
Here’s wishing you the best on your home search!
Wendy Kelly-Coleman
I bought my first home the age of 21. Since then I have moved into real estate investing, rehabbing properties, and leasing. Real estate has always been my passion and now I help others re....
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