Your Checklist Before You Buy Your Next Home

Your Checklist Before You Buy Your Next Home 

The time has come and you are ready to buy a home. Take a look at this checklist for helpful information.

1. Reduce Debt & Improve Your Credit Score: Will you need a mortgage loan? Before looking for a home you should run your credit report. You can then discuss your FICO credit score with the bank or lender you contact for a mortgage preapproval. Becoming knowledgeable about your credit standing is important. Your credit score will influence the interest rate of a loan and will determine the loan program you can qualify for.

2. Save Money For The Down Payment: While it is possible to purchase a home without a 20% down payment it’s best to get as close as possible. This will allow you to potentially have a lower mortgage rate and payment. If you don't have sufficient funds for a 20% down payment you may consider a VA or FHA loan that offers a lower down payment. There are also low down payment conventional loan programs for good credit borrowers. Make sure to speak with your bank or lender for more information about mortgage loan program availability.


3. Be Prepared:
Yes, there is the purchase price of the home and once you and your Realtor negotiate the best price, there are additional cash out of pocket costs you should consider and be prepared for. These include the
deposit, home inspection fee, moving expenses and other closing costs. Your Realtor can help you understand the expense of buying and owning a home.

4. Get Preapproved: If you need a mortgage to make a home purchase, a mortgage preapproval is the first thing you should do when preparing to buy a home. You can contact your bank or a mortgage company for this service. The preapproval is based on your actual income, debt, and credit history and once you get approved for a mortgage loan, you'll know exactly how much can spend. Also your Realtor will require a preapproval letter and proof of down payment funds (cash in bank) before writing an offer. These letters demonstrate to your Realtor and the seller of the home that you are capable of making a purchase. They also aid in negotiating the best purchase price. You will not considered as a serious buyer unless you're approved in advance.


5. Set A Realistic Home Buying Budget: By getting your finances in line before your first home showing you know the price range of a home that you can actually afford. It is important to set a realistic budget that fits your income level and characteristics you want in a home.

6. Find an Agent You Trust: Keller William Realty agents are trained professionals that are associated with one of the nations leading Real Estate brokerages. Our team of Realtors are ready to assist with your home purchase.

As you begin the process to find your next home checking these items off your list will provide you with a more successful home buying experience. Our team is here to help you! Let us know the area and/or neighborhood you are looking to live in along with your top needs our team of professionals will assist with finding your next home.

By clicking 'Submit' you are expressly consenting, in writing, to receive telemarketing and other messages, including artificial or prerecorded voices, via automated calls or texts from southeastfloridahomesource.com at the number you provided above. This consent is not required to purchase any good or service. More details in privacy policy and terms of use.
Burton Horwitz - Realtor
7280 W Palmetto Park Rd #110
Boca Raton, FL 33433
561-289-5939

The multiple listing information is provided by MIAMI Association of Realtors® from a copyrighted compilation of listings. The compilation of listings and each individual listingare © 2018 MIAMI Association of Realtors®. All Rights Reserved.
The information provided is for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
This site powered by CINC: www.cincpro.com