If you’re thinking about buying a home in 2018, I have seven tips for you to follow that will ensure that purchase goes off without a hitch.
To have a smooth and successful home purchase in 2018, here are seven tips you should follow:
1. Check your credit and check it often. There could be a lot of things on your credit report you may not know about if you forget to check it regularly. Whatever is on your credit report should reflect who you are, credit-wise.
2. Don’t open any new credit cards for the holiday season. A lot of times during Christmas, stores have their own credit cards that offer 20% or 30% off any of their items in addition to their crazy sales. This can be an enticing option, but don’t do it. Be responsible and only buy things you can afford.
3. Don’t be afraid to ask people to contribute to your emergency fund. When your family asks what you want for Christmas, don’t tell them you want a big-screen TV—tell them you’re saving up to buy a house and it would be great if they could contribute your emergency fund. An extra $100 here and there goes a long way if your water heater breaks or you suddenly need a new furnace.
4. Keep tabs on interest rates. Whether they’re going up or down, the one thing you need to remember is you won’t always qualify for the best interest rate. Your credit history, payment history, job history, current market activity, and who your lender is will affect what your interest rate will be.
5. Start working with a lender today. It’s never too early to start working with a lender so you can find out what your purchasing power might be or should be. They’ll be able to offer you different opportunities and advise you on them. They’ll also be able to give you a side-by-side comparison about what you can afford, what you might be able to afford, and what programs might help you afford more.
6. Get pre-approved early. If you plan on purchasing a home in 2018, go through the pre-approval process now and have a lender look at your full financial picture. As prices increase, you need to know what you can afford so when you make any offers, you know you’re a solid buyer.
7. Don’t forget to get in touch with a Peak Properties Group agent. We’re here to answer all of your questions, and we’d love to give you a buyer’s consultation so you’ll know what to expect from the home buying process.
These tips will help you set yourself up for success when you buy a home in 2018. If you have any more questions about this topic, don’t hesitate to reach out to us. We’d love to help you, and we wish you a happy holiday season.