The FIRST Step for Rockland Home Buyers
Are you ready to become Rockland home buyers? While it is an exciting time, it takes a little advance planning to do it right. You want to end up enjoying the process and not overly frustrated. To that end, here are the steps home buyers need to take before you buy.
Confirm Your Credit
If you’re looking to buy, a good credit score is a must. Your credit score is essentially your record of paying off debts. No bank is going to want to give you money if they don’t think you’ll pay it back. The higher the credit score, the lower the offered interest rates, which will save home buyers money.
Rockland home buyers can find your credit report online and request a free copy from all three credit reporting bureaus. You will also be able to see what you can do to bring up your credit score if it’s not ideal.
Stockpile Your Savings
A downpayment is required to buy a Rockland home. Rockland home buyers will also need cash reserves to buy a home plus you’ll need to show the lender that you can afford your new home.
This means that you should start saving now in order to maximize your buying potential. If you don’t have a mountain of cash on hand – as is the case with most first-time home buyers – cut back on expenses or consider a side hustle.
Down payment assistance programs are also available. They can be a good option if you want buy right away without having a lot saved up.
Schedule a Sit Down with a Lender
Find a lender that will work with you to get you the best interest rate and also a loan pre-approval. Being pre-approved for the loan amount can help make your offer stronger and stand out from the rest.
Sketch Out Your Budget
Your new lender can give you an idea of what your budget should be when buying a Rockland house. But you need to decide how much of your income you want your house payment to take up. On paper you might be able to afford a home but it might mean cutting back on vacations or other things you aren’t willing to give up.
Start Exploring
You might know where you want to live but if you don’t, it’s time to get out there and explore neighborhoods. Rockland home buyers will want to look for places that meet your needs in terms of transportation options and other amenities. Try spending the day in an area to really get a good feel.
Once you’ve narrowed down the neighborhood, start going to open houses. This way you can see what’s available in your budget. From there you can prioritize what is most important in your decision.
Rockland home buyers who do not have a strong foundation from the start will find that the buying process can quickly become overwhelming. By taking the time to put in the work up front, buyers assure that they end up in the right home for them. While what is considered “right” will be different for every Rockland buyer, the important thing is that you can actually afford the home that you settle into. And this all starts with understanding your budget and buying power.