With the summer buying season closing in, here are seven things you should do now to get ready:
1. Make a housing budget. Buying a home involves more expenses than just a new monthly mortgage payment, so you’ll want to sketch out a good preliminary budget. Make sure to leave plenty of extra room in your budget for any unplanned expenses.
2. Set your financial limits. Don’t take on a mortgage that you may not be able to afford. Also, consider the size of the home. If you buy a home that’s too big, home expenses going forward may stretch you too thin financially.
3. Get the mortgage process started. With today’s low interest rates, you’ll want to get the mortgage process started very soon to take advantage of these low rates. Talk to your mortgage pro about how you can get the process started.
4. Review your credit report. When reviewing your report, look for any mistakes and for areas that you can improve on. Your credit score will go a long way in determining what home you’ll be able to buy and what kind of mortgage you’ll be able to get.
5. Get your finances in line. Much like your credit, your overall financial situation will be a big factor in determining your financing. Don’t overspend and try to eliminate as much debt as possible before you buy.
6. Get pre-approved for a loan. A pre-approval from your lender shows a seller that you’re serious about buying and it will help you solidify your budget and narrow down your choice of homes.
7. Research the homebuying process. Buying a home can be complicated. Do your best to understand what’s in store for you as you go through the process. Many real estate agents and lenders hold homebuying seminars and classes, so consider attending one of these.
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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