Buying a home is exciting! And we love helping clients find their dream home. But as home buying and selling experts, we know all of the unexpected costs that come with buying a home. At PC275, we
10 Steps to Selling A Home
Buying a home can be stressful, especially if you are a first-time homebuyer. Lucky for you, we are experts at buying and selling homes and we created this simple 10 step list to buying a home to make the process a little less complicated for you.
Step 1: Get Your Credit Report & Credit Score Checked
You want to get your credit report checked before you contact a lender, this will allow you to know what your credit score is—and if you are eligible to purchase a house at all. The aim is to have a higher credit score, as the higher the score the lower the interest rates will be on your mortgage.
Scores are based on:
Do you pay your bills on time?
Do you have any debt? If so, what is the overall amount?
Length of Credit History
What is the length of time that you have been borrowing money?
TIP: Mortgage lenders prefer clients who have a long credit history
Have you applied for new credit?
Types of Credit
Mortgage lenders also like to see different forms of credit, which could include student loans, car loans, bank cards, etc.
Luckily, PC275 has a Dominion Lending representative in-house who would be happy to help you figure out if you have a good credit score. Our in-house lender will also look to see what kind of mortgage you could get on a new home.
Step 2: Figure Out Your Budget
It is important for you to figure out a soft and hard number that you are willing to pay. The soft number is ideally how much you want to spend, and the hard number is the maximum that you can afford. You want to ask your appraiser to figure out what kind of monthly mortgage payments you can afford—this will determine what your hard and soft numbers should look like. With that number in mind, you will now be able to start thinking about perspective neighbourhoods or areas that you would be considering moving to so that your realtor can find you your dream home!
Step 3: Find a Real Estate Agent
You need to find a real estate agent that you not only trust but gets you and your wants. We recommend that you do research before you select an agent, look for reviews online to make sure that the prospective realtors embody your core values. We also recommend that you ask questions, you need to make sure that all your questions and wants are addressed before you sign a contract so that you can avoid any issues down the road.
We definitely recommend contacting a team member from our brokerage to help get the ball rolling, we love tough questions!
Step 4: Get Pre-Approved by a Lender