7 Essential Steps to Follow When Buying a Home
What 7 steps are MUST Dos When Buying a Home. Lets find out now…
Hi Im Mike with the Rigley Realty Group. Whether buying or selling, for the best real estate information subscribe to our channel and hit the bell to be notified when we post a new video every Wednesday
Want to know what 7 steps should never be skipped when buying a home and why? Lets find out now…
- Pull your credit and check your score.
Your credit report and corresponding score are your golden tickets to buying a home. They showcase your credit responsibility and worthiness. Your credit score can seriously impact your mortgage rate. The higher your credit score, the lower your interest rate will be. This means you’ll end up owing a lot less money over the life of the loan.
- Review your budget
If you’re working on a clean bill of credit health, give your budget a hard assessment. Use the 28-36 rule to see where your money is going. This is when your maximum household expenses shouldn’t exceed 28 percent of your gross monthly income. Your debt, like credit cards and loans, shouldn’t exceed 36 percent.
Your debt-to-income ratio, or DTI, is important to lenders for determining how much home you can afford and if you’re a good candidate to receive a mortgage. You might discover you need to make some adjustments, like spending less on travel and clothing, for example, to make room for a mortgage payment.
Pre-approved and pre-qualified is not the same thing. It takes a couple of extra steps to get pre-approved but it shows your seller that you are a good candidate for purchase. This especially helps in a multiple offer situation
With only a few exceptions you will need a down payment and money for closing costs. Down payments can be as little as 3% and closing costs run between 2-5%. Where’s that money coming from. Gifts form friends or relatives? Seller paid concessions? Your savings? Don’t wait until the last minute to get this important piece figured out
- Hire a great Realtor
Not all Realtors are the same. Do you know what they call the Realtor who has zero experience and just barley passed the exam? That’s right – Realtor! All kidding aside it takes more experience and education to get a hair dressers license than it does a real estate license. Be sure to see our video on what questions to ask your realtor before you hire them
- Don’t skimp on inspections
Expensive but not nearly as expensive as finding out later your new home has termites or is structurally unsound. Exercise your right to complete all the inspections you want or need to feel comfortable before you buy
- Have a plan “B”
I like to not focus on plan B because it takes my focus on plan A and that getting you the home of your dreams at a price you can afford. Do I have a plan B, C, D etc? Heck yea but its plan A that gets my attention
Well, there’s 7 steps that you should not short cut on your way to buying a home. Hope this helps. Still not sure what to do or need more information? Click on the contact us link below or call today and we’d be more than happy to schedule a Strategic Marketing Consultation with you
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About the authors:
Mike and Jennifer Rigley are one of Sacramento’s top ranked Real Estate Teams and 5 Star Ranked Real Estate Professionals. Selling Real Estate Full time since 2004 with well over 1,500 successful closings Mike and Jennifer Rigley are here to help your dreams of Home Ownership come true.
Mike and Jennifer Rigley of the Rigley Realty Group come with over 15 + years experience helping buyers, sellers and investors realize their Real Estate dreams. Including:
- 35+ Year Sacramento Residents
- Over 1,500 homes sold since 2003 – 10x the average agent
- Team Approach for Maximum Client Satisfaction
- Ranked in the Top 25 of all agents & companies county wide in both the number of listings & sales since 2004
- Top 500 Teams All Companies in California for Production
- Sacramento Magazine 5 STAR Agent
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