Buying a home is an exciting time in life! Whether it is your first home or fifth, you’ll want to consider doing these things before you dive into the world of home buying.
Do your Research
Tour different neighbourhoods or areas of a neighbourhood to see what you like. It’s important to research different builders to see what experience they have, floor plans you prefer, what options they offer, and more.
Figure out what you can afford
For conventional loans, your home expenses should not exceed 28 percent of your gross monthly income. Keep in mind that you’ll need to save 3-20 percent of the home’s price for a down payment. Don’t forget about closing costs either.
Get your finances together and know your credit score
Work towards paying off any taxes, unpaid bills, or other debt. These are the basic steps to take before getting a mortgage. You should also check your credit score. Credit score ranges from 300-850. The higher the number the better creditworthiness. Having a low score does not prevent you from qualifying for a loan but it might result in paying more for financing.
Make the buying process as smooth as possible and follow these tips! Do you have any of your own tips to share?
