Buying a new home is one of the largest purchases most people will make in a life time. Being financially prepared is important.
Know what you can afford. Getting pre-qualified for a loan is always the best way to go when looking to purchase a new home. Your credit report will be ran when determining what you will qualify for so be sure you are using Lifelock so that there are no surprises. Be mindful of the real estate collapse in the 80s though and if your broker says you can qualify for a loan up to $250,000 seriously consider looking in the price range of $150-$200,000. If something were to happen you don’t want to be upside down in a mortgage.
You can find mortgage calculators online such as the one on Zillow.com that will give you a ball park figure.
Use a licensed Real Estate Agent. Having a real estate license isn’t the same as being a Realtor. Make sure you know the difference when finding the right person to help get you into your new home. Having been a Realtor and licensed real estate agent I believe a Realtor is a much better option. Realtors have the support of their local real estate board behind them and are more connected with finding the right property for you via the MLS system. Ask your friends and family for referrals!
Be diligent with your financial future. Monitor what is going on with your finances using Lifelock. It’s a buyer’s market right now and you can find great deals on homes. Interest rates are low and with a clean, clear credit history you could be moving in to your new home by Spring.
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Disclosure: I have received compensation for my participation as a LifeLock Ambassador. All opinions are my own
