Top Tips for Home Buyers
Whether you’re a first-time home buyer or a current homeowner, these tips will help you stay on track throughout the process of getting your new home.
- Develop a monthly budget based on your income and expenses to decide what mortgage payment you can realistically afford.
- Check your credit report. Get your credit history in order before beginning the home buying process. Order your free credit report online each year from the three major credit bureaus.
- Know needs vs. wants. What features do you need in a new home versus what you want? It’s tempting to make an emotional decision, but you have to make a financial one that you can afford.
- Learn important mortgage terminology. Take time to learn important terms and understand their meaning. You can use our Mortgage Glossary to find the most commonly used mortgage terms.
- Learn about available mortgage packages. Let your mortgage lender help research what mortgage will work best for you and your situation.
- Be clear on the details. Are there additional costs, such as origination or application fees? What costs will be part of your mortgage or will need to be paid at closing?
- Get pre-approved. Know what you can afford and be prepared to seriously consider real estate options.
- Be an informed shopper. Visit as many homes as possible and decide on the house you are interested in based on your approved loan amount.
- Stay in touch. Work interactively with your mortgage lender to secure the loan for the home you want. Don’t hesitate to ask for help!
Are you ready to find a new place to call home? Start by contacting an Access National Mortgage loan officer to learn more.