Maybe you're tired of renting, maybe you want a "place of your own". Maybe you want a project you can work on because you've fallen in love with every renovation show on HGTV .. we've all been there. Or maybe you're ready to take that next step to completely be out on your own.
Regardless of your reasoning, purchasing a home (especially your first one) can takes several steps. Even if your timeline is closer to 6 months or a year, here are some ways to get prepared:
1. Decide on your budget - this may seem surprising to some, but just because you're approved for a loan amount doesn't always mean you'd be comfortable making the mortgage payment. It's a good idea to have in mind how much you'd be willing to spend on your house every month. That way when the mortgage payment is due, you aren't over-reaching or scraping pennies to get by.
2. Talk to a lender - Even if your several months to a year out, there are some really good lenders out there. I'm talkin' about those that work with you on credit issues, explain the lending process thoroughly, and are an all-around good resource for any questions you may have. In some cases, he or she might even be able to recommend down-payment assistance programs that are available to you.
3. Start saving & paying off debt - paying off debt will help your credit score, while saving will help you get ready for a down payment and closing costs. There's so many ways and theories to decide how to attack your debt; personally, my husband and I have been following Dave Ramsey's plan. I'm by no means a financial expert, but his book The Total Money Makeover is one example and has helped us in the few months we've been following it.
4. Attend a Home-Buyer Class - generally they are free, sponsored and led by a lender and agent in the area. They're a good way to ask questions and learn about the financial responsibility that comes with owning a home. If you're interested in attending one, Nathan Rich, of Fairway Independent Mortgage - The Wood Group, and I are holding one at the end of this month. You can call or email either one of us to RSVP! We will have breakfast + want there to be time for personal Q&A so spots are limited.
5. Research what are you'd like to be in - Would you move based on school zones? Or convenience of shopping centers? Maybe based on job location? A great way to see if you like an area is to do just that.. see it! Driving around gives you a feel of the area and how busy it is!
If you're in the market to buy a home, are preparing to purchase, or simply wanting a professional's opinion, give me a call at 281-850-7743. I would love to help you find the perfect property for YOU!
Katie Langthorn | Real Estate Agent, REALTOR®
C: 281.850.7743 | O: 979.703.1979 | F: 979.703.1980
3091 University Dr. E. #230 | Bryan, Texas 77802
Your Source for Bryan/College Station Real Estate