It’s always a lot of fun to tour homes with your real estate agent, taking a peek inside local listings and trying to determine which one of them could possibly be your next residence. But wait: Before you get to the fun part, there are just a few steps you should follow to make sure you’re fully prepared, ready to get the most out of your house hunting experience.
Handle Your Credit
First, make sure your credit is in order. Good credit is a must for homebuyers, as it helps you secure a loan with lower interest rates—meaning homeownership can be much more affordable.
So, before you go house hunting, it’s wise to pull your credit score and review it for any possible issues. Do you have any old debts that you never got around to paying? Take care of those now. And do you see any errors on your credit report? Address them, either with the creditor or the reporting agency, to get them expunged.
Next, take the time to get pre-approved for a mortgage loan.
This is important for three reasons:
1. Some sellers will only do business with pre-approved lenders—so if you don’t get pre-approval, your real estate options will be more limited.
2. Pre-approval helps expedite the mortgage underwriting process, meaning you can close on your home more quickly.
3. Pre-approval also helps you determine what kind of a loan you can qualify for—and thus, how much house you can truly afford.
Reach out to Ryan Minges Real Estate to be connected with a reputable lender in the Charlotte area.
Create Your Wish List
We’re getting closer to the fun stuff now! Sit down with your partner and make a list of the things you really want and the things you really need in your new home.
For example, how many rooms do you need? Is a big yard something you really desire? Are there certain school districts you feel strongly about?
Create a list of the things you don’t think you’d be willing to compromise on; that will be an invaluable guide to your real estate agent, who can use your wish list to select some promising properties.
Save Some Cash
Yes—you’ll need some money in the bank for a down payment. Once you get loan pre-approval, you should have a clearer idea of roughly how much that down payment might be.
And yes—you will also want to have cash for closing costs, which may be anywhere from two to six percent of the total sale value.
You may also want to have a little money in reserve as an emergency fund—just in case you need it for an emergency home maintenance issue down the road!
Now You’re Ready for House Hunting
With those steps taken care of, you’re ready to get to the fun part—and that means touring some homes! To see some homes in the Charlotte, Huntersville, Cornelius, or Mooresville area, reach out to the team at Ryan Minges Real Estate today!