Effortless Ways You Can Prepare to Buy Your First Home
If you are currently renting, but you plan on becoming a homeowner, now is a great time to start getting ready for the experience. Since you are probably wondering how renters can prepare to be buyers, there are several key topics to familiarize yourself with so that the home-buying process goes as smoothly as possible.
See the Big Picture
As you begin, it is important to remember that buying a house involves numerous parties including you, the seller, the builder, the realtor, the bank and so forth. It is best to understand that the process can take anywhere from a few weeks to several months to complete. As you approach each step, remember that clear and thorough communication between professionals is the best way to keep things moving forward.
Decide on What You Are Looking For
Having a clear definition of your ideal home can help you sort through the many options you will encounter. If you’re shopping for new homes near Lehi, UT, consider the practical advantages of Rockwell Ranch Townhomes. These properties are perfect for young families and busy professionals — with spacious layouts as well as plenty of bedrooms and outdoor recreational space.
Keep an Eye on Your Credit
It is important to know your credit score before you approach a lender. On the credit scale, the highest possible score is 850, and anything under 500 should be improved upon before you continue. The better your credit, the higher a loan amount you can qualify for with suitable terms to boot — including a low interest rate and reasonable monthly payments.
Contact Several Banks
Once you know your credit score (ideally somewhere in the 700s+), you can begin approaching lenders for a mortgage. The best way to do this is to plan on shopping around and to let the bankers you speak with know that you intend to do so. This way, if they really want your business, they can show a willingness to work with you by offering the best terms the market will bear. Also, some builders such as McArthur Homes can provide a list of qualified lenders which they have vetted through years of having worked together with buyers of new homes like yourself.
Start Saving for a Down Payment
Once you know what you want and how much it will cost, you can set your sights on the down payment amount and start working towards that number. Cutting back on vacations, fancy dinners and impulse purchases can add up quickly. You could be ready to begin the home buying process in just a matter of months or less.
Start to Take Action
Once you are ready to buy, you will need to hire a realtor to guide you through the process and act as liaison between you and the seller. Or, if you are looking for new homes in Lehi, UT, you can work directly with a builder such as McArthur Homes and “cut out the middle-person.”
Making the move from renting to owning is an exciting time with some important steps to prepare for. Contact us to learn more about working with residential property professionals who can help you buy your first home.
This post was written by Paige Giles