Its home buying season! Whether you are buying, selling, or just looking to learn more about the housing market, see our top list of tips and tricks of the trade!
1. See how much you can afford
First things first, how much can you afford? Knowing exactly how much you can afford will help you narrow down your options and prevent you from overspending. Try out a home calculator to see variations in your income, down payment, and house affordability. Narrow it down to your best options in terms of staying within a budget.
*Bonus Tip: Check your credit! Your credit will have an impact on home loan pre-approval and interest rates. Make sure you know what range you fall in to avoid any unexpected surprises. Plus, try to avoid opening any new line of credits, such as credit cards or new loans. Anytime you have new credit activity, it'll affect your credit score. If you are seriously looking, take a pause for now.
2. Get pre-approved
Take the time to get pre-approved! Not only will it help you further nail down your budget, but it will show sellers you mean business.
3. Budget for closing costs
Don't forget about the closing costs! Closing costs can account around 2% to 5% of your total loan amount, make sure to account for this when you budget! Struggling to make the mark? Do a little research on home assistance programs, especially first-time home buyers!
4. Stay within your budget and compromise
It's easy to get swept up int the moment and consider a home far outside your budget, but stay focused! You probably won't find everything you are looking for in your dream home so be ready to compromise. Remember that small changes can make a big difference. Do the walls just need a fresh coat of paint? Will new light fixtures breathe life into the home? Set your priorities whether that is location, home size, surrounding yard, or anything else, and stick to it!
Want more tips? Visit us online or in person to see how we can help you get there! You can also see a variety of online resources right here: NerdWallet's first-time home buyer tips and 5 tips for home buyers in a sellers market
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