If you are hoping to purchase a home, you may want to follow these useful homebuyer tips before you start looking.
- Check your credit report and fix any errors that it might contain. You can obtain a free credit report online at AnnualCreditReport.com. There will be a fee to get your credit score, but they will give you a free credit report for all three of the credit reporting agencies: EquiFax, TransUnion and Experian. Typically, you will need a credit score above 700 to get a good interest rates. So, you will need to make sure that your credit report is accurate before you apply for a loan.
- Get pre-approved for a mortgage loan. Being pre-qualified only lets you know the amount you MIGHT be able to borrow from a mortgage company. Having a loan already on hand when you find that perfect home will give you more room for negotiation with the seller and make the home buying process just that much easier.
- Do your homework. Compare the list price of the home you are interested in with others of comparable amenities and size in the neighborhood. You can do this by going to online sources such as Zillow and Trulia. But, for the most up-to-date information, you should consult with your Realtor®. Online sources can be a few months out of date.
- Always get a home inspection. Even newly constructed homes can have serious problems that you may not be able to see without a trained professional eye.
These are just a few of the important steps you should take when considering a home purchase of your own. They can make a big difference in determining whether your American dream turns into a real nightmare. If you should need any help, feel free to contact me. That’s what I’m here for!
