Finances first: Getting started with first-time homebuyers
Are you ready to buy a home? To have a stellar credit score and a handle on debt is only the first step. In order to succeed and ensure a smoother process, you will need a lot of additional help along the way.
Before starting this journey, it is imperative to talk about finances, assets, credit, cash flow and/or liabilities. Even though buyers typically research these topics, oftentimes concerns stem from them. Discussing and setting expectations ahead of time can help eliminate possible problems. It is better to have solutions beforehand when you are trying to find your perfect home.
Once the initial research is done and expectations are set, it is good to run a credit check to ensure that things are running smoothly before possible issues arise. There are many apps, like Credit Karma that one can use to check this score. A good rule of thumb for a credit score is anything over 750. The lower the score (600 or under) could indicate a problem and possible next steps could be discussed to increase the score.
Be mindful of these things especially when you are trying to raise your credit score. You can reach out to agencies that specialize in repairing credit. This can help you get back on track and reach your financial goals with utmost care and precision.
When you decide to buy a home, another factor that should be in the forefront of your decision making process is your future income. You will need to manage to pay the house loan, property taxes, food, utilities, schooling, and other things that fall under your monthly expenses. A good practice to maintain is to keep your debt to under 25% of your total income. It is important to manage your finances and allocate funds wisely so that you are not caught off guard. With a plan in place and making realistic choices, a buyer can choose any home that suits their likeability.
When buyers have good credit and maintain a balanced financial portfolio, they can get a pre-approval letter which will solidify the fact that they are serious buyers, and showcase that impression to sellers. Check with your agent if they have a lender in their network that they are connected with. Working with a known lender can help build a good relationship between the buyer, seller, and agent.
Once finances are discussed and in order and a pre-approval letter is received, then the fun starts where you can look for active listings and go see them as well. One of these homes could just turn out to be the one the buyer has been waiting to own!
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