The New Year is here and so is the time where people start thinking about their resolutions. Whether it’s to save money, lose weight or spend less time on social media, the New Year gives us an opportunity to start fresh on a new set of goals.
Your “New Year, New Home” Checklist:
Figure out your buying power
The starting point for every homebuyer’s journey is to sit down with a loan officer and go through a pre-qualification. You will take a look at your family’s financial situation and go over income, credit scores and debt. This helps you understand your starting point and where to go next.
Look at your loan options
Understanding your options is key to buying a home. There are many loan programs that cater to low income, low credit scores and a lack of down payment. Knowing about all of your options will arm you will the knowledge of what is possible and give you something to aim for.
Figure out a plan
Once you have analyzed your potential to buy a home, it’s time to put together a plan. This should include a date to buy a home and the potential obstacles that stand in the way. Your loan officer can help formulate this and give you timelines on what it will take to get you qualified.
Keep yourself accountable
Just like any goal, you have to keep yourself accountable. If you don’t, it can become background noise when life gets busy. Ask your loan officer to check in with you every month. They can keep you on track, answer any questions you may have and update you on industry news that could affect your buying power.
Find an agent
Finding a great real estate agent is imperative to purchase your home. A great agent will help you with your home search, negotiating a contract and communicating with the sellers. This makes buying your home stress-free and ensures that your transaction goes smoothly and fairly. Your real estate agent will also have extensive market knowledge which means they can give you insider knowledge on the right times to buy and what homes could be negotiated for extras such as a seller’s credit.
Develop a “no way” list
You want to develop what we call a “no way” list. You will sit down with your family and list the items that you are not willing to compromise on. This could be the area your home is in or even the amount of bedrooms. Figuring out what you don’t want will help you and your real estate agent when it comes time to finding your dream home. It also sets realistic expectations and gives your real estate agent a list of exactly what to look for.
If you would like help developing a plan for 2020 to get you into a home, click here and get connected with one of our mortgage specialists. Consultations are at no cost and will give you the perfect starting point to achieving your dreams of homeownership in 2020.