Bellingham Kids Fest This Saturday!August 2, 2019
Great Job Brianna Robbins On Another Sale! – Brianna Robbins – Peace Arch Real EstateAugust 5, 2019
Are you buying a home or planning on buying a home? If so, these 5 tips can help you on your journey!
- Determine How Much You Can Afford. Before you buy a house you need to check your monthly budget to see how much you can afford. Make sure that your monthly housing costs are going to be no more than 25% of your monthly take-home pay. Also, homeowners insurance and property taxes vary so check with your insurance company and real estate agent to see how much you can afford.
- Save for Closing Costs. On average, closing a house are about 3-4% of the purchase price of your home. Your lender will also give you an approximate number so you’ll know what you need for closing day. You may be wondering what these fees pay for during the buying process. They pay for important steps in the home-buying process including the appraisal, loan fees, credit report charges, title insurance, taxes. You want to save for your down payment and closing costs as quickly as you can.
- Get Preapproved for a Loan. Before you even start your home search, get pre-qualified for a loan and try to get a preapproved letter. Getting a preapproval letter will show sellers that you’re serious in buying and it can help you get the house you want. If you’re wondering how to get preapproved, your lender will need to verify your financial information, then submit your loan for preliminary underwriting.
- Research Neighborhoods. Make sure when you’re looking for houses to not just look at the house, but the quality of the neighborhood and the distance to schools. This is especially important if you’re planning on having a family or already have one. Location and neighborhood quality is very important when buying a house. There are a few ways to see if the neighborhood is good for you and/or your family. One of them is to ask your real estate agent about crime rates and the quality of schools in the neighborhood(s) you’re looking at. You can also visit the neighborhood and check traffic and noise levels.
- Prepare for Closing. The average closing process takes 30 days, so you will have some time to tackle closing items. Your real estate agent will schedule the remaining steps, and they will keep you informed about anything that comes up during this process. If you don’t understand anything during the closing process ask your real estate agent about it. Also, make sure you read every document thoroughly.