Purchasing a home will be one of the most important and best investments you can make. Therefore, it's extremely important you take the proper steps to ensure you get the most bang for your buck.
Step 1 - Determine How Much You Can Afford
You'll first need to start by figuring out how much you can afford. Check out this calculator to help give you an idea. Also be sure to check your banks mortgage calculator as well. Keep in mind, they will vary, but it's a great starting point.
Step 2 - Shop For A Lender
After you've determined how much house you can afford, it's time to shop for a lender. Talk to several lenders and ask these important questions; What are your current mortgage interest rates? Are the rates being quoted the lowest for the day or week? Is the rate fixed or adjustable?
If the loan is adjustable, when interest rates go up, your monthly payment will generally increase as well. Don't forget to get a pre-approval or pre-qualification letter before you start looking at homes. This is important because you don't want to find a home that you absolutely love, and later find out you aren't approved for enough to purchase it.
Step 3 - Find The Right Agent
Even though you can find many beautiful homes on the internet yourself, most buyers are better off having a professional agent who can help with strategies during negotiations.
Choose an agent who is familiar with the neighborhoods you'd like to purchase in. Then, make a list of all the factors that are important to you for your future home. Are schools a factor? Is a large yard a must have? Do you prefer older or newer homes? How many bedrooms and bathrooms do you need?
Most importantly, have fun with your house hunting! Purchasing a home can be stressful, but there will be nothing like the feeling you have when you close on your new home! So start brainstorming on how you want to decorate your next home, get to know your new area and enjoy the ride.
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