In the market to purchase a home? What you should know before you even start looking!
By: Tim Whitmire
There is a lot of information about what you should and shouldn't do during the home buying journey. Knowing what to expect throughout the process is critical. Before beginning the path to homeownership, we recommend starting the prep at least 6-12 months out. Whether you're buying your first home, next home, or dream home, planning ahead of time will help you feel confident when the time comes to buy.
Below are some tips and tricks to set you up for success before the home buying process even begins!
1. Homebuyers should contact a Loan Officer around 6-12 months before buying a home. Understanding what you can afford before you start house hunting will give you peace of mind throughout the process.
2. Budget for your new payment now! Make sure you compare your existing mortgage payment to your new mortgage payment so you can plan and budget accordingly.
3. Open a separate checking account and auto-deposit the portion of your check that you will need to make your mortgage payment each month when you get paid.
4. Consider your credit score. If homeownership is in your plans, monitor your credit and be mindful of your spending. Your spending can significantly impact your credit score, which affects your interest rate and, ultimately, your mortgage payment each month. The goal is to maximize your credit score to help you obtain the best mortgage terms possible.
Preparation is vital when making what may be the biggest purchase of your life. Set yourself up for success and start this process 6-12 months ahead of time. First Integrity loan officers are willing to take the time to guide you into making the best decisions for you and your family.
First Integrity Mortgage Services is licensed in Missouri, Illinois, Kansas, Arkansas, Tennessee, and California.