The real estate market is in full swing now that spring has arrived. Many people that have vacationed here in the past are returning to find that forever home. Whether you’re buying your first home or your 10th, there are some things you can do ahead of time to be fully prepared before you even start looking at homes. Follow these tips and you’ll be sure to quickly move through the purchasing process on your next home.
Get Your Credit Score
Your mortgage lender is going to need your credit score. The higher your score the lower interest rate you’ll be charged on a mortgage and the more easily you’ll get approved. If you want to increase your score, then lower your debt. Pay off whatever you can before ever applying for a mortgage.
What Are You Worth?
Add up all the numbers ahead of time to find out how much house you can afford before you start looking. Realtor.com offers a Home Affordability Calculator that will help. Fill in your current income, the location where you want to live and other factors and see what you can afford.
When you buy a home you will be expected to put down anywhere from 5 percent to 20 percent down if you are financing the purchase. There are a number of different ways to acquire those funds – savings account withdrawals, early withdrawals from retirement accounts, vacation funds, selling stock, family gifts and outright loans.
How to Buy a House
Some real estate agencies and lenders hold seminars for new homebuyers that will teach the basic elements of the home buying process. There’s a lot to learn at these seminars and you can count on it to be the most up-to-date information available.
Finding an Agent
Some say to interview a few real estate agents before choosing who you want to work with. But once you come to Litchfield Real Estate you’ll see why you won’t need to go any further. We listen closely to your wants and needs, we know the area inside and out, and we will puts all of our effort into finding you a home.
Closing Costs Can Add Up
Closing costs can range from 3-6 percent of the purchase price. All total these costs include taxes, transfer fees and other expenses spelled out in the contract. During negotiations on the purchase price you can ask the seller to pick up the tab on closing costs. Many sellers would rather pay the closing costs for you than lower the price of their home.
Litchfield Real Estate is ready to help you find that next home when you’re ready to start looking at properties. Give us a call at (800) 437-4241.