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5 Things To Do Before Buying A Home

Get Your Ducks-In-A-Row Before Purchasing A Home

  1. Credit Score. Check your credit score. I recommend Credit Karma.  It’s free!  https://www.creditkarma.com/  Does your credit score need improvement?  If so, take steps to increase your credit score so that you can take advantage of the best mortgage rate offered.
  2. Pre-Approved.  Now is the time to be pre-approved by a lender for a mortgage.  Get the lender to give you a loan commitment letter.  That way you’ll know exactly how much you can borrow for a mortgage before you choose a real estate agent and start looking at property.
  3. Available Funds.  Determine what funds you have available for:  earnest money deposit, down payment and closing costs.  Earnest money is a deposit made to a seller showing the buyer’s good faith in a transaction. Assuming that all goes well and your offer is accepted by the seller, the earnest money will go toward the down payment and closing costs.  The down payment will be a percentage of the purchase price. Closing costs are expenses over and above the price of the property in a real estate transaction. Costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.
  4. Search Criteria.  If you have a partner, outline in writing your wants, needs and must-haves together for a property. Decide specifically what you’re looking for and the location.
  5. Sell Then Buy.  If you already own a property, considering selling it “before” looking for another one. Having a contingency in the sales agreement for the new property that you have to sell and close on your current property is problematic. Most sellers won’t agree to that contingency.

Disclaimer:  The opinions expressed in blogs on this website are solely those of Marcy Sanders.  The information provided on this site is for general informational and educational purposes only.

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