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Buying a Home This Year? Take These Steps First
Our real estate agents know that aspiring homeowners around Mobile and Baldwin County want to save as much money as possible while pursuing their goals. Raising your credit score, reducing your debt, or putting down a slightly larger down payment all have the potential to save you thousands over the life of a mortgage.
Mobile and Baldwin County homes for sale are still in high demand. Even though mortgage interest rates are not as low as they once were, you shouldn't put your plans on hold. With the right strategy and the support of an expert real estate agent, you can become a homeowner this year.
The sooner you take action, the better prepared you will be to succeed. Here's how to get started on the way to buying a beautiful home this year:
- Choose a Real Estate Agent
Your real estate agent is your most important ally throughout the home-buying process. Their assistance is invaluable for first-time and seasoned buyers alike. Make sure your agent understands your situation, goals, and expectations. - Raise Your Credit Score if Necessary
Even a few points in your credit score could qualify you for a better home loan. To get there, you should pay off any outstanding credit debt or other debts if you can. Avoid any new debts, especially automotive loans. But don't worry about long-term educational debt; this is very common nowadays. - Start Saving for a Down Payment
It wasn't that long ago when a 20% down payment was a must. Now, a 10% down payment is very often acceptable. Depending on your mortgage loan, you might have the opportunity to go to 5% or lower. As a general rule, down payments can't be financed, so start saving for one as soon as possible. - Explore First-Time Homebuyer Programs
There's a variety of state and federal programs to help first-time homebuyers. These programs do not provide money directly. Instead, lenders (like banks) administer them, following each program's rules. They may include low or no down payment and other perks that can save you money. - Get Preapproved for a Mortgage
Whether you're using a conventional mortgage or one based on a first-time homebuyer program, you'll need preapproval to enhance your odds of getting the home you want. A lender examines your finances in detail and makes a specific loan offer you can use to know "how much house" you can afford. - Establish Your Priorities
Everyone who will be living in the home should make a short list of three to five priorities—and then narrow those down to two or three absolute "must-haves." This way, you can understand at a glance whether or not a home meets your criteria. That can really accelerate the process. - Compare Neighborhoods
With a written priority list in hand, your agent can recommend neighborhoods that are more likely to meet your needs. It's wise to visit each neighborhood at different times of day, on foot, and while driving. Spend a few days to see if you can imagine living in a neighborhood, then dig in. - Compare Properties
With a handful of neighborhoods in your sights, you'll get fewer properties to look at. Luckily, each one will be far more likely to be "the home of your dreams." You'll have more time to visit properties, go to open houses or personalized showings, and meet the neighbors you might soon be joining.
Contact us at Bellator Real Estate & Development to get support for your home-buying journey.
