Summer may be ending, but fall is a great time to start looking for a home. Many buyers forego shopping for a home in the fall and winter, which makes it the ideal time for you to buy. Here are some recommendations to help you proceed through the process of buying a home.
Check Out a Mortgage Loan
One of the first steps as a buyer for a home, especially in a first-time buyer situation, is to find out how much loan you qualify for. The loan for your home will provide you the financing for the purchase price of the home minus any down payment you have saved up. As you consider your new mortgage, you need to look at how much you can afford in a mortgage payment, but also be sure to evaluate how much your homeowners insurance premium is going to be and your property taxes. Consult with your insurance agent about an insurance quote so you can begin the estimate and budget preparation. Look at how much income you have each month for a mortgage payment along with the costs associated with the home, such as utilities, upkeep, and maintenance repairs.
When you are working with a real estate agent, they can be a big help with your evaluation of your budget and can help you start the loan process. If you don't have a mortgage broker, your Realtor can recommend one. And they usually have an ongoing professional relationship with them so they will give you a good referral recommendation. Start out working with your mortgage broker to fill out the credit application, and from there, they will evaluate your credit to consider your merged credit score to provide you with a mortgage pre-qualification amount. With your pre-qualification status and a maximum loan amount, your Realtor can start looking for homes that fit your requirements within your budget.
Evaluate Your Home Wish List
There are many factors that go into searching out a home to purchase, such as price, size, and location. Although these three factors are some of the more pertinent details in your new home, they are not the only ones that may be a deal-breaker for you. For example, if you want to buy a home with its own property or a yard where you can grow your prized vegetables in a large vegetable garden and plant several fruit trees for your own personal orchard, a yard is going to be a big and important detail. This will limit your search options to single-family homes, as condos don't have a yard and not all townhomes have a backyard space that you can customize to your own vegetation preferences.
Talk to your real estate agent at the beginning of your search to communicate with them what you want. Be sure you are specific on the home, and if you want a home that is situated on a lot that is at least one-half an acre, make sure your Realtor knows this. Then, select some of your wish list items that you would be willing to negotiate on so you can more easily find a home that you love, knowing that you may not be able to find the perfect home.
Contact a local real estate agent to get started.