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Few things are more exciting than the rush of picking out your new home! Whether it's the structure you'll live in, the neighbors you'll meet, or the location you'll move to, the newness of so many things is a thrilling prospect.
But along with the excitement comes some struggle. The myriad of factors to keep in mind while buying a house, especially as a first-time buyer, make finding the perfect home a daunting house.
In this article, we've created a buying a house checklist, where we've distilled all of the factors you need to consider.
In This Post:
Check Your Credit
The mortgage that you pay on your house is decided by two crucial factors: the amount that you're able to put down, and your credit history. Thus, for you to get the best deal on the mortgage with the lowest interest rate, it's imperative that you come into the deal with a healthy credit score. If your credit history needs some work, it's time to get on that.
Discuss with a Mortgage Lender
The experience you have with a mortgage lender can make or break your house buying experience. The right mortgage lender will provide you with a quality experience, but the wrong one can screw you out of that.
The most critical mistake you can make is simply assuming that whoever you bank with now will be the best choice for you to get a mortgage from. Do some research. Talk to your real estate agent. Get referrals from your friends. Take a look online to find the highest rated mortgage lenders. If you're in Northwest, for instance, research mortgage lenders Utah.
Find Your Priorities, and Build Your Search Around Them
In order to find the perfect home for you, you need to first consider what factors are most important to you. Typically, first-time home buyers will prioritize location, neighborhood, school districts, yard space, room requirements, and such.
Create a list of everything that matters to you, and rank them from first to last in terms of importance. Once you have your priorities set, you can then build your search around those priorities. For instance, if location is #1 on your list, once you've found your optimum location you can limit your search to just that area.
Remember that your priorities don't have to be set in stone. As you continue your search, it's very likely that you could realize that yard space holds more value for you than you initially thought, or that you might be willing to sacrifice on location.
Gather Documentation and Close the Deal
Once you've found the right home and the right mortgage lender, it's time to close the deal. That process, however, requires a significant amount of documentation.
You'll need to get together various forms of ID, credit reports, financial condition reports, income verifications, tax returns, and more. Getting all of this information together in one spot before you move ahead with the closing process will ensure that there are no hold-ups along the way due to a lack of documentation.
Complete the Buying a House Checklist
Use this buying a house checklist to find and close on the perfect home for you. Once you've found the right place, it's time to find the right mortgage lender! Contact us to get the best rates.