Preparing For Your Home Buying Journey
The homebuying process is very rewarding, but is not without its challenges. In a seller’s market, it can be especially difficult to find and secure the house of your dreams, but with a little preparation, you can avoid some common pain points on your way to the closing table.
Know what you want.
In the current market, it’s important to move fast when you find a home that meets your needs. So, before you start viewing houses, make sure you know what you’re actually looking for. What locations, price range, and features are non-negotiable and what options would just be nice to have?
Check your credit scores.
Make sure your credit scores from all three national credit repositories: Equifax, Experian, and TransUnion, are accurate. Errors reported by one of these sources could delay or negatively impact your credit approval. Make sure you take care of potential issues as soon as possible.
Different lenders will be able to offer you different interest rates, but that’s not the only factor you should consider. Make sure you choose a reputable company with excellent customer service. That way, when you find a home you love and need to move fast, you’ll have a financial backer you can count on.
You probably have an idea of how much you want to spend on your next home, but you should also be aware of how much buying power you actually have. Getting preapproved will give you some more specific pricing guidelines, which can help you zero in on the home you want.