First Time Home Buyer Tips

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First Time Home Buyer Tips

Purchasing your first home is one of the most exciting times in one’s life. Not only are you making one of the largest investments of your life, you are also purchasing the foundation for many family memories and moments. To ensure your first time home buying process goes smoothly, here are a few things you can do to set yourself up for success:

One year out- Begin cleaning up your financials. Pay down your debt, start saving, and show stability by staying in your job. Jumping from job to job will make lenders very leery about lending you money because they want to make sure you are able to pay your mortgage every month. Paying down your debt will help increase your credit score which will help with getting approved for a loan and earn you better interest rates. Save, save, save! You will need money for a down payment as well as money to cover closing costs.

Six months out- Pull your credit score, the average credit score for an approved mortgage application is 755. Work towards increasing your credit score by paying bills on time, disputing any mistakes, and avoiding taking on any new debt. One of the best credit repair agencies in the Phoenix area is United Credit Education Services (UCES), if you would like to boost your score quickly and effectively be sure to visit UCES online. Now is also the time to use an online mortgage calculator to figure out what you can afford and start looking at homes you may like in that range.

Three months out- Now is the time to decide on what type of mortgage loan you would like and to go ahead and get pre-approved for a loan. Many real estate agents will not show you properties without you showing a pre-approval letter. A pre-approval letter shows you are a serious buyer and a qualified buyer so the agent feels comfortable they are not wasting their time. Once you have a pre-approval from a lender, contact a real estate agent who fits your needs and begin searching for your home! If you are looking for an experienced, professional, and dedicated realtor in Phoenix, be sure to contact Equity Real Estate in Phoenix for top-notched service.

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