If you’re considering buying a new home this year—whether it’s going to be in the peak spring and summer months or later in the year—you’ll need to start the homebuying process well before your targeted date to be in your new home.
As Early as Possible: Get your finances in line. This includes making a budget, working to improve your credit and lowering your debt-to-income ratio. These aspects of your financial situation will greatly impact your interest rate and what kind of loan you’ll be able to get.
2-3 Months Before Buying: Even if you haven’t yet decided on what you’re looking for in a home, now is the time to talk to your real estate agent and mortgage professional. They can give you good advice on what steps are needed in the process.
1-2 Months Before Buying: You can now start researching homes. You’ll need to decide what type of home you want and what type of amenities you need. Also, start looking at different areas and neighborhoods and compare schools, shopping, transportation, and other services.
One Month Before Buying: Narrow down your options in terms of location and price range. Also, talk to your broker or lender about getting pre-approved for you loan so that you’ll know exactly how much you can afford and you’ll be able to show sellers that you have financial backing.
Just Prior to Your Home Search: This is the time to finalize what you need to do per your agent and mortgage professional. Also, talk to your broker or lender about how to lock in your interest rate. If everything is in line, it’s all systems go.
Keep in mind that your particular timeline for buying can vary depending on your needs, guidelines set forth by your agent and mortgage professional, current market conditions, and other factors.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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