1. Decide if now is a good time to buy.
When you are buying a home to live in, trying to time the market, shouldn’t be your main focus. Your focus should be determining whether YOU are positioned to purchase a home.
Here are some questions to ask yourself:
a. How much can I qualify for based on my current income? Do I make enough income to qualify for the house I want? If not, what are my options?
b. Do I have enough credit history? Lenders are typically looking for at least 2-3 expenses that can count toward credit history? For instance, rent, car payment, phone bill, credit cards, etc.
c. Have I been good about paying my current obligations on time?
d. How much money do I have available to use toward the down payment, closing costs and pre-paid expenses?
The answers to these questions will help you determine if you are ready to buy or whether you need to stick it out where you are for a little longer. A trusted Mortgage Professional will discuss the above with you and help guide you with this important decision. If it’s not the right time for you to buy, they will give you steps to get there.
2. Find a trusted mortgage professional that you feel comfortable with sharing your financial information.
a. You may be savvy and you Google the best questions like no one’s business. With a couple clicks of the keys, you find out everything you think you need to know about buying a home and qualifying for a mortgage. In fact, you even find a quiz that tells you on the spot whether you qualify to buy a home. However, beware! A quick online Q & A, doesn’t tell your whole story….nor does it tell theirs. In lending, knowing the whole story can make all the difference in the world, and will assure you that quotes are based on your actual unique situation.
b. You need to speak with a real, live human being you can share your intimate financial situation with. Do you really want to share that level of detail with someone who works at a call center? When it comes to making such a huge financial decision, it is best to speak to a trusted mortgage professional that has an interest in both you and your community. Shameless plug for us ahead: Blue Skye Lending has been a mortgage resource in Florida since 2006. We have helped thousands with their home financing. We have a great reputation and our clients have voted us as the Best Mortgage Lender in our area for multiple years. There are many companies out there for you to choose from, but we hope you are willing to give us a chance to help you.
3. Enlist a real estate agent.
a. While you can search properties online, you need an advocate to help you sort through your options and to help negotiate your purchase. The agent will advise you on the current market value of the home, negotiate what expenses each party pays for, what items the seller needs to repair, along with many other details.
b. Your real estate agent will help you line up inspectors, title agents, and other third parties that will look out for your interests.
c. Best of all, having a real estate agent does not cost you. The seller pays the real estate agent(s) out of the proceeds of their sale, so why wouldn’t you have an agent?
These 3 steps will get you prepared for buying a home. While this may seem overwhelming, we can help. Reach out to us, we will help you work through each step. That’s what we are here for. You have nothing to lose, and a ton to gain. Homeownership in the US has historically been one of the best ways to build wealth.
We hope you consider working with one of our mortgage professionals at Blue Skye Lending. Contact us at 941-256-8420 or Hello@BlueSkyeLoans.com No Cost. No Obligation. Just Good Mortgage Advice from a Reliable Source.
