Making the decision of buying a house for the first time requires a lot of courage and a lot of planning, too. Even when we might feel overwhelmed just by the thought of it, having a checklist can help us with the process will make each step feel a lot easier to take. This is why we put together a simple and effective checklist that will let you find the perfect house for you and prepare you to make an offer the sellers won’t be able to resist.
The very first step we need to take in the journey of buying our own house is finding a real estate agent with knowledge, experience, and good reviews. An agent will be able to guide us throughout the process, answering all of our questions, and helping make the right decision when the time comes. Nonetheless, we should try to avoid working the very first agent that comes across and do some research instead. Ask friends or family members for recommendations and look at testimonials and reviews from previous clients. This way, you’ll be sure you’re working with someone that will make the process move smoothly.
Once we have found the real estate agent we will work with, we need to find a mortgage lender that will provide us with a loan that suits our specific financial and housing needs. There are many different types of lenders available, but not all of them offer the same. Just like with a real estate agent, we need to do the corresponding research to make sure we find the right loan for us. Also, think about having a credit score report ready before you talk to a lender. This will make the process easier as they will have an exact idea of where to start.
Getting your finances in order beforehand is an essential step that we simply can ignore. We must keep in mind that, with the vast majority of mortgage loans, a down payment might be needed. Plan ahead and have it ready before talking to a lender. Also, you need to remember that a mortgage is a long-term commitment, so make sure you do not alter your employment situation throughout the term of the credit. Another must is getting a preapproval letter from a mortgage lender so that you can have a clear and accurate idea of how much you’d be able to get and start coming up with how exactly you will be preparing to pay off the loan.
After you’ve found a real estate agent, a mortgage lender, and a way to work our finances, we will be ready to start looking at different properties and finding the right one for you, making a purchase offer, and closing the deal. We will discuss these three last steps of the process next week in part two of this First-Time Home Buyer checklist.