What to Do Before Buying a New Home
Lining up your budget, wish-list, real estate agent, etc. are good preparation measures for a smooth house hunting experience.
The following are key "to-do's" to consider before buying your new home.
Your mortgage will likely be the largest payment you make each month. Before jumping into a new home, you'll want to do your homework to see what you can afford without significantly changing your style of living. First, sit down and track all of your income. You will want to base your budget from of this number. A good rule of thumb is that your home and home-related expenses, such as utilities, shouldn't exceed 30% of your total income.
Make a Wish List
Once you know what you can afford, it's time to determine what you want. Make a list of everything that you'd like in a new home.
Finding Your Realtor
During your first home search, a good realtor can make all the difference. He or she can help you to find the home you're looking for, tell you what it's worth compared to other homes in the area, and be an educated advocate for you during negotiation.
Buying your first home can be a little bit easier if you take the time to think about how ready you are to commit. Job and credit stability, what you can comfortably afford, and what kind of community and maintenance level you prefer will confirm your priorities.
Complete Homebuyer's Mortgage Guide
Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.