Three Things to Do Before Selecting A Realtor
Buying a home is the dream of countless renters ‐ and even though owning a home doesn't guarantee financial security, it is oftentimes a good investment. As long as you buy within your budget, make payments regularly, and take care of the house and the property, owning a home can be a great way to increase your net worth while paying for the necessity of living space. That is one important reason why homeownership is such an important aspect of the "American dream".
As much potential as purchasing a home does offer, it can still be an intimidating process ‐ especially for people who are buying their first home. If you are unsure how to go about buying a house, then this article can help you get through the initial stages of the process up until you have an experienced realtor guiding you.
- Step One: Research. Here's the good news: if you are reading this article, then you are already doing something right! If you are planning on buying a home, then you should learn as much as you can about the home buying process, your local real estate market, your local realtors, etc. Knowledge is power, and the more you know about buying a home, the better!
- Step two: Budget. Most financial experts recommend that your mortgage payments should not exceed 28 percent of your monthly income. With that in mind, check out this mortgage payment calculator to estimate the budget you can allot to buying your new home.
- Step three: Pre-qualification. Contact banks in your area to get pre-qualified for a mortgage. This process is relatively straightforward ‐ the banks will simply give you a rough idea of how much you can afford to take out on a loan. If your credit is poor, this may not be enough to buy within the budget you had allocated ‐ in which case you may wish to work on improving your credit score before beginning the home purchasing process. If you can afford a home within your budget, however, then you are ready to begin searching for a qualified realtor to begin the home purchasing process!
Looking to learn more about getting out of debt and into a home quickly and effectively? Visit Madison Monroe and Associates online today to learn how.