Here are Some Tips to Help You De-stress

When you decide to buy your first home, it’s and exciting time. So much to learn, so much to do, and you worry about making all the right decisions along the way. Here are some tips to help you get started on the right track:

Got credit?  Before you apply for a loan, you need to know your credit standing, so get a copy of your credit report. It’s free from AnnualCreditReport.com, the federally regulated place to go. If you find errors, get started on correcting them right away. If your credit is less than great, start making the changes needed to improve it. You need to do this before you try to get a loan.

Have a mortgage pre-approval in your pocket. Take the time to work with a mortgage lender to have a loan pre-approved before you go house shopping. With that in hand, you know how much house you can afford, and you also have a good bargaining position.

Find the right professionals to be on your side. You want an experienced Realtor®, of course, but you may also want an attorney, a mortgage broker, home inspector, and other professionals to help you through the purchase.  

Set your priorities. Before you look at houses and risk falling in love with the "wrong one," make a list of what’s important to you. Is it size? Style? Location near to a particular school? Distance to work? City or suburban? Make a list, and be clear on what’s most important to you and your family.

Know your budget and stick to it. The last year or so has proven what a bad idea it is to buy more home than you can afford. Even if you’re comfortable with the mortgage payment, remember that monthly expenses will vary with the seasons, and big repairs can throw your budget out of kilter quickly. Just because you can get a bigger loan, doesn’t mean you should.

Buy your home to live in, not as an investment. Yes, your home’s value will likely increase over time, but there’s no guarantee that it won’t sometimes level off or even go down. You’re not buying a stock – you’re finding a home where you and your family will be happy.

Don’t sign anything until you’ve read it completely. Everyone "knows" this, but still people sign documents that they don’t read or don’t understand. If there is anything that is not clear, keep asking questions until you get answers that make sense.  

Buying your first home can be great fun, and we’re here to help you get in the game. The "Special" Ed Haraway Team has earned the title of "The Realtors Who Treat You Special!"

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