Whether you’re a first-time homebuyer or relocating to a bigger house, diligent planning will make all the difference. It helps make your search financially productive and identify preferred features in a home. If your goal is to secure a mortgage and move into a new dwelling in the next year, there are several steps you can take now. Here are a few to keep in mind.

What Should You Do if You Want to Buy a House?

1. Get Pre-Approved

Before you start looking at homes, knowing what you can afford will save time and heartache. A mortgage lender will review your bills, assets, and debt-to-income ratio to determine how much of a loan you may qualify for. Pre-approval also provides an estimate of your monthly mortgage payments. Use these relevant figures as a guide when looking for houses.

2. List Desired Features

Is a garage a must-have at your new home? Do you prefer a master bedroom suite? How about a pool? Make a list of the amenities you prefer. The features will help hone in on the houses to seek out and make your search more productive. Along with your list of desired features, include neighborhoods and subdivisions where you may want to live. 

3. Hire a Real Estate Agent

If you’re a first-time home shopper, a real estate agent is especially helpful to get you in a house within the next year. They have the training to locate houses that fit your unique preferences. The best ones will search diligently and let you know right away when homes go on the market.

4. Start Saving

Once you know how much you’re pre-approved for, you should start saving for a down payment. Mortgage lenders like to see at least 20% of the total loan. However, there are programs for first-time buyers that require little to no down payments. You should still save money, because you may have to pay for a home inspection and other out-of-pocket costs.

First & Peoples Bank and Trust Company in Russell, KY, looks forward to helping individuals realize their dreams of becoming homeowners. The community bank offers a range of mortgage loans that are budget-friendly and appeal to first-time home buyers. If your goal is to buy a house in the next year, call (606) 836-0211 to meet with a loan specialist. In addition to Russell, the bank has locations in Flatwoods, Greenup, Ashland, and South Shore. Visit their website for more details.