29 Jan Fairway Fort Lauderdale Can Make Your Homebuying Process Simple
Buying a home is one of the most meaningful and important financial decisions you will make in your life. As such, you will want to consider all aspects involved from building up your credit to applying for a loan and choosing the right property. We have rounded up some tips to help you plan your home purchase. Know that when you are ready, Fairway will be here to assist you with this important decision.
- Familiarize yourself with the property market in your area and recognize which location and type of property might be best for you within your budget.
- Get in touch with a Mortgage Planner before you begin house hunting. A lot of factors go into determining your monthly mortgage payment, interest rates, and savings balance. Your monthly budget is just one part of the financial equation along with the size of your down payment. An expert can help you navigate grants and down payment assistance programs that might be available for you.
- Understand your credit score and all the ways to improve it. Lenders run credit checks to determine the risks and interest rates. For example, someone with a lower credit score may be at a higher risk of default, so they would pay a higher interest rate. A Mortgage Planner can make a soft credit inquiry to help you find out what your score is. Fairway will then be able to tell you how much of a home you can buy or what you can do to improve your credit.
- Get a pre-approval. A pre-approval letter will give you a leg up over other buyers as it shows sellers that you are serious about putting in an offer.
- Run through a quick checklist before you make an offer on a home to make sure it is the perfect house for you. A few examples include researching the neighborhood and how it compares in respect to crime rates, commute time, and local amenities; checking school quality in the area; taking note of the noise levels at different times of the day; and scheduling a home inspection to get a sense of the costs, repairs, and maintenance the home may require immediately and over time. This will also give you wiggle room to negotiate the price of the home or to request the seller to cover these expenses.
Call Fairway Fort Lauderdale to set up an appointment with a Mortgage Planner today and find out if you are ready to buy your dream home. We look forward to working together!