Youre finally ready to make the big step and put a down payment on a house. Before getting overwhelmed with the process, there are a few important things to take into consideration and remember while out on the house hunt.
Getting Started
Get Approved- It's really smart to be pre-approved with your mortgage so you know how much you can spend and you can be competitive with the bidding. And share that number with your realtor so they only show houses that are a fit for your budget.
Demo Right- Know the rules about addition in your city, which might change the way a small house looks if it sits on a big lot.
What Do You Really Need- Make a list of the things you don't need and share it with your realtor.
Budget Right- Just because you're approved for a certain amount doesn't mean that number actually fits your budget. Before even thinking about seriously putting an offer on any home, take a look at your monthly financials to determine how much of a mortgage you can really take on.
While You Are House Hunting
Location- Buy for the neighborhood, and then the house where you live by is key. It's better to have the worst house on the best block than the best house on a bad block.
Chill Out- Just remember it's a few stressful months out of your life and once it's done, you'll hopefully not have to do it again for a while.
Clock The Miles- Do a mock commute before you commit. Your commute time is a major factor.
Don't Stop Looking- Continue to look on Zillow, MLS, and even the Sunday paper on your own, even after you start working with an agent.
Close Right- Ask about closing costs up front. This way you'll know how to budget when making an offer.
After Buying Your Dream Home
Refinance- Even after a few months of blissful home ownership, you can look into refinancing. This process isn't scary and a lower mortgage is totally worth it.
Save Payments- Set yourself up with at least three months of mortgage payments so you are prepared if something happens in the future.
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