A few things to know before buying a house
You don't need to be a real estate tycoon to purchase a home but you do need some key information about yourself and the homebuying process. Here are things to know before buying a house:
- To qualify for the best rates on any loan—you’ll want to be sure your credit score is in good standing, the better your credit score—the better your mortgage offers will be.
- Know your debt to income ratio
- Save up for a down payment & closing costs. Even if you plan on applying for a mortgage, you’ll still need some cash to seal the deal on your new home.
- Clearly define what you want and need in a home
- After you narrow down your wish list, you must share this information with your agent. Otherwise, you can waste valuable time and energy looking at the wrong homes.
- Browse listing websites and check market reports from your local real estate agencies to learn about home prices, demand for homes, and inventory of properties for sale. This will give you an idea of what prices are for homes in your area and how much competition you'll face when making offers to sellers.