Where to Begin When Your the Buyer

BY Katharine Colclough

Buyers Ready, Set, Go!

Think you are ready to buy a new home in 2019?  Here are a few things to keep in mind when getting ready to buy your new home.

Find a lender

Do your research and check out mortgage rates and compare available programs with different types of lending institutions to find the one that fits your needs.  There is nothing that says that you have to use your current banking institution, but using a local lender who is accessible and is familiar with lending requirements in your area.  Be sure to have your financial information ready that they may need to you pre-approved, such as Tax returns for the last 3 years, 3 months worth of bank statements, and 3 months worth of pay stubs.  If you have student loans make sure that you have documentation of your current payments  or what your payments would be if it is deferred.  

By getting pre-approval it will allow you to know how much home you can shop for and what your approximate payments will be.  It also allows you to be competitive and in some cases close quicker if necessary.

Figure Out What You Are Looking For

Determine ahead of time what type of home you are looking for and where you want to look.  Is it in the school district you want?  How far is it from work?  Is there shopping and medical facilities nearby?

Do you need a first floor master, or are you interested in a fixer upper? 

Do NOT Make Any Financial Changes

When you are about to buy a home or in the process of, it is not the time to make a job change, or to buy the yacht that you have always wanted.  Changing your debt to income ratio or your credit score will negatively affect your ability to purchase a home, even if you are under contract and in the process, you can still be denied.  

Make Plans To Move

Do you need to sell your home or are you renting and need to finish your lease?  If you own your home and you are putting your home on the market, work with your agent to get your home market ready.  When you rent or lease your home you will need to check your rental or lease agreement to see if you need to give a certain amount of notice, and that there are no fees for breaking your lease early.  

Have a plan in place for all your packing and moving.  Research moving trucks, line up a source for boxes, and get utilities information to disconnect or swap to your new address.  Don't forget to get your change of address packet from the postal service!

Your agent will be able to help you through everyone of these steps.