You have decided now is the time you are ready to make the move into a new home. Congratulations, this is an exciting time, so don’t get overwhelmed with the process. Whether you are a first-time home-buyer in Charlotte, or a seasoned buyer in Raleigh, these steps can guide you through the process to ensure a smooth home-buying experience.
Research before you start
You want to be prepared and have all your ducks in a row when purchasing your home, so do research before you start.
- Where do you want to live?
- What is the property value for homes in that area?
- What is your budget?
- How much can you afford?
- How much to you want to put down?
Credit scores are very important when it comes to getting approved for a mortgage. Since you want your score to be as high as possible when applying, make sure you are responsible with your spending. If your score is not where you want it to be, here’s how you can improve your number:
- Pay bills on time
- Pay down credit cards
- Don’t open new credit cards
- Don’t make any large deposits
- Don’t lend, sell or borrow
- Don’t do anything out of the norm involving bank account activity
Shop around for your mortgage
In most cases, borrowers are referred to their bank when getting a mortgage loan. It is extremely important to get a second opinion from other options. Loan Pronto is all digital, has no lender fees, can have your loan closed in as little as 14 days, and beat the big banks 9/10. By shopping around, you can save yourself a multitude of time, and thousands of dollars. Get a free 30-second rate quote here.
A huge mistake home-buyers make is getting pre-qualified to buy a home. A pre-qualification is simply a guess by the borrower, so the lender goes off these numbers without running reports. Getting pre-approved means numbers have been run, so everything on the document is factual. This document can put you in front of the line when making an offer on a home. Learn more about the difference between pre-qualified and pre-approval here.
Find a home
This is when it gets fun, all the nitty-gritty is over with, and it’s time to find your next home. During this process, you want to make sure you are staying within your budget. Once you have found a house, work with your real estate agent and make an offer that makes sense. Once an offer is made, work with your mortgage company on which loan is right for you, and then arrange an appraisal.
Close and move in!
Finally, you have made it to the end. This where you will schedule a closing date to sign all the paperwork. Once the closing is completed, you are free to move in to your new home!