The Ultimate Home Buying Checklist

posted 5/12/2015 in Mortgage

Spring has kicked into gear, meaning Home Buying Season is here. For many of you, 2015 is the year you are definitely, finally making the move to a new home. If you’ve come to this decision, congratulations! The decision to purchase a new home and move is not a small one.

However, you can’t spend too much time patting yourself on the back because there is work to be done. Getting ready to purchase a home requires some effort and time on your part because the last thing you want to do is go into a home buying situation without being prepared.

Here are a few of the larger things you will want to do or start doing if you haven’t already.

  1. Check your credit report- you want to get a great mortgage rate, and a solid credit score is the easiest way to do that. Check for errors or marks against your credit and get them taken care of.

  2. Save in every way imaginable- drop the HBO, Netflix, eating out and other unnecessary costs. The higher down payment you can make on your home, the more financing options you’ll have.

  3. Find out how much home you can afford- the worst thing you can do is overextend yourself financially. Look at your debt-to-income ratio; if it’s over 36, you need to start reducing your debt immediately.

  4. Get pre-approved- it may sound like this step will cost you time, but it’s actually a time-saver.  By knowing ahead of time how much money you are approved to borrow, you will save you and your real estate agent a lot of time looking at properties that may not fit your budget.  Visit www.lsbmortgage.com to learn more about mortgages and even complete our online mortgage form in just a few minutes.

  5. Find a real estate agent- Your agent is your representative in helping you find a home, so having someone you trust is a huge bonus.

  6. Keep assessing your financials and the housing market- there’s nothing wrong with staying current. You can order your FICO scores without hurting them, and keeping an eye on the national housing market is smart.

Doing these things won’t ensure a 100 percent smooth home buying process, but they will help.

Of course, the flip side of buying a new home is that you have to sell your current home. Our next blog post will discuss tips and considerations for selling your current home, so be sure to watch our Facebook page for that post.

If you have any questions regarding mortgages or local real estate agents, please feel free to contact Lincoln Savings Bank today.

-Lincoln Savings Bank, Member FDIC, Equal Housing Lender

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