Whether you are buying a house for the first or fifth time, the process can seem lengthy and overwhelming. Many homeowners don’t know where to begin, which can cost them both time and money during their search. The team at Coldwell Banker in Wisconsin doesn’t want you to make these same mistakes, so they have offered five tips to get you started in the direction of your dream home.
Buying a House? 5 Tips to Get You Started
1. Get a Real Estate Agent
Real estate investing of any type is a complicated endeavor. When buying a house, you should hire a real estate broker or agent. Your agent will know more about available listings and guide you through the entire home buying process.
2. Investigate Your Credit Score
A credit score is an important number that many Americans, surprisingly, do not monitor closely. Because it can affect your overall loan approval and interest rates, you should view your report as soon as possible. Then, you can be proactive in improving your score if needed.
3. Analyze Your Debt & Income
In today’s economic market, many home buyers have additional financial obligations, such as school or auto loans, that compete with their monthly mortgage commitment. To avoid buying a house that you will struggle to afford, closely compare how much money you bring home each month with your monthly expenses prior to adding a house payment.
4. Save for Down Payment & Closing Costs
The initial down payment and closing costs are likely the two biggest expenses that must be paid in full when buying a house. If you are like most buyers who don’t have thousands sitting in their bank accounts, you should begin saving as early as possible.
5. Get Pre-Approved
In the current real estate market, a house for sale today can easily be under contract tomorrow. In order to be able to act quickly when you find the perfect single-family home, you should get pre-approved. Pre-approval means that you have applied for the mortgage and the lender has determined how much you will be approved for, so sellers can rest assured the contract will not fall through.
By following these simple steps under the guidance of a qualified agent, you’re on the right track to a stress-free and productive home search. When you’re ready to view listings in the Wisconsin area, get ahead with the online property map or contact the knowledgeable professionals with Coldwell Banker at (715) 424-4800.