There’s nothing quite like the experience of buying your first home. It’s an exciting time that is full of new adventures, new terminology, and meeting new people. Don’t let the stress of not understanding the process take the joy out of your experience. Check out these tips for first time home buyers that are sure to help you feel more confident about the home buying process.
What Credit Score Should I Have to Buy a House?
Most traditional mortgage lenders will require a credit score of at least 620 in order to approve your mortgage loan application. There are other loans, such as those backed by the FHA or VA that may accept a lower credit score. Keep in mind that you may be required to pay a higher interest rate. How can you locate your credit score and see if you need to make some improvements?
Order a copy of your credit report from TransUnion, Experian, and Equifax. Getting these reports doesn’t have to cost a thing! You can get a free report from each agency once a year for free due to the Fair Credit Reporting Act. Be sure to use the official Annual Credit Report website. You want information from all three agencies, so you can compare the results. You may find that one agency has completely different information and a different score listed. Check for errors and report them right away. Take care of outstanding and delinquent accounts.
How to Find a Real Estate Agent to Buy a Home?
You’ve come to the right place for finding a real estate agent who genuinely cares about your experience and is happy to listen to your needs. Our goal is to help you find the home that makes your heart sing.
We suggest that you sign up for a free account that allows you to save searches for criteria that you find important when searching for homes. These search options can save you time and give you an edge over other buyers in the area. You’ll receive email alerts whenever a new home comes on the market that meets your criteria.
Why is Mortgage Pre-Approval Important?
You may see the terms pre-qualification and pre-approval use interchangeably when referring to mortgage loans, but there is a slight difference in the two. A pre-qualification is completed using information you provide to the lender that is used to give you a general idea of how much money you may qualify for if you apply for a loan.
A pre-approval is completed using information that you provide that is verified through documents before being processed. Your credit report is accessed, and a hard inquiry is noted. The pre-approval gives you a specific price range to expect for the mortgage loan.
A pre-approval can be useful and save you time when it comes to finding the right house. You don’t want to get excited about a home only to find out that it’s out of your price range. The pre-approval also hold weight with many sellers. This approval let’s them know that you’re serious about the purchase and have the ability to follow through once the deal is made.
Should I Create a Wish List for Buying a House?
How many hours have you spend dreaming about the perfect home? While it would be wonderful to get every single one of those things in a property, there are times when a compromise is required. When it comes to those times, you’ll be better prepared if you have a wish list handy.
Start by listing everything you want in a home. Read back over your list and mark items that you consider a priority. Place a star beside those items that you are not willing to compromise on when it comes down to the final choice of a home. Use this list to keep your focus. Share this list with us, so we can help you narrow down homes to show the ones that most closely match your criteria.
How Do I Place an Offer on a House for Sale?
A real estate agent acts on your behalf when it comes to delivering offers and receiving responses. You won’t have to worry about that step in the home buying process. We’ll even help you write an offer that catches the attention of the seller and makes sense when your budget and real estate goals are considered.