Buying your first house is an exciting time- your first mortgage, your first official signing, and your first home to call “yours.” As exciting as it can be, the home buying process can be filled with unexpected stressors and twists and turns, especially if it’s your first time buying a house. Knowing what to look out for can help put you in the best position to succeed.
Get Your Credit in Check
- When assessing your eligibility for a loan, the first thing your loan officer will look at is your credit score. You can check your credit score for free using websites like myBankrate. Make sure there are no mistakes and that you take care of any outstanding accounts or balances you can pay. Building up your credit takes a substantial amount of time, so it’s best to start closely monitoring your credit 6 months before you start searching for a home.
Organize Your Documents
- Before you even start the house hunting process, set yourself up for success by getting organized. Typically, you will need to show your loan officer two pay stubs, the previous 2 years W-2’s, tax returns, and the past 2 months of bank statements. Talking with your loan officer about how they view all of this information can help you understand the types of houses you should be looking at and what they think is a reasonable budget for you.
No House Is Perfect
- When house hunting, try not to get caught up in finding the perfect house, focus on finding the best No house is perfect, so you should go into the process willing to compromise on a few things. You may know that you want a house with three bedrooms, and you are willing to give up having a garage if that’s what it takes. Spend some time before you start house hunting thinking about what is most important to you and stay focused on those key “traits” in your house throughout the process.
Importance of Home Inspection
- Making sure your home is thoroughly inspected may seem obvious but it’s an important part of the buying process. Especially if you are purchasing an older home, understanding the quality of the home is crucial before you can proceed with closing. Listen to what your inspector says – if something isn’t right or needs to be fixed, make sure to communicate with the seller that the house must be up to standards in order for you to proceed with the purchase. And if the seller won’t budge, don’t be afraid to say goodbye to that house and go back to looking around.
Find a Loan Officer You Can Trust
- Your first time buying a home is certainly going to be a memorable journey filled with excitement and perhaps a few unexpected stressors. It’s important that during this time, you’re working with someone who has your back and will help you make the right decision.
The Kelly Mortgage Team at Envoy Mortgage is committed to understanding the stories of each one of our clients to help them find the best home for their lifestyle. For more information, we encourage you to reach us at: 610-355-1801.