What Steps Should I Take Before I Buy My First Home?

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What Steps Should I Take Before I Buy My First Home?

Becoming a first time homeowner is an incredible feeling. Not only have you reached an important milestone in life, but you’ve also got a property to call your own. Here are some steps to make the home buying process easier.

Step 1: Start Building Your Credit

Applying for a mortgage with a low credit rating could impact your interest rates, which is why it’s always a good idea to start building your credit before you prepare to buy a home. If you do have any negative comments or disputes on your credit report, bring all documentation with you when meeting with a loan officer. This is not something you have to do on your own. Contact us at Ubermortgage and we will develop a strategy together.

Step 2: Determine What You Can Afford

As a first time homeowner, it’s important that you come up with a detailed budget to help you determine how much money you’re able to spend on a monthly payment. A good way to do this is with calculators, like a Home Affordability Calculator and a Mortgage Calculator. That way, you’ll have a good idea of how much you can spend.

Alternatively, you will want to meet with a mortgage banker and get prequalified for your mortgage. All you need to do is bring your financial documents, like W-2 statements, statements from your bank, and paycheck stubs, and meet with a lender who can help you determine what price homes for which you qualify. Even better work with the lender to get Preapproved. When you do find the right property the fact that you are already Preapproved will make your offer more attractive to the seller as it takes the uncertainty out of taking your offer.

Step 3: See if You Qualify for a Government Assistance Program

There are a number of first time homebuyer programs available that can help relieve some of the financial strain that comes with buying a home. Depending on a number of factors, such as your income and where you’re looking to buy a home, you could qualify for one of these programs. As you meet with a mortgage company, make sure to ask about different types of loan programs for which you may be eligible.

Step 4: Find a Reputable Real Estate Agent

Working with a good real estate agent can make the entire home buying process simpler and more convenient. Optimally, you should try to go with an agent who has experience working in the housing market that you’re interested in. That way, not only can they help walk you through the home buying process, they can also give you information about the neighborhood and will work to get you the best deal possible.

To learn more about how various first time homebuyer programs work or how to get started with buying a home, contact Übermortgage today.

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