Are you thinking about buying your first home and you’re in your 30’s? If so, this article will provide you with practical tips you can use to buy a home and navigate the home buying process from start to finish.
To get started with buying your first home you will need to do the following:
- Check your credit score – It should ideally be about 700 or better but if your credit score is under 700 don’t worry, you can still qualify for a mortgage loan with a credit score as low as 580 thanks to an FHA mortgage loan.
- Organize your financial documents – Before meeting with a mortgage lender you should have your financial documents ready which must include: bank statements, income tax returns, paycheck stubs and documentation of other sources of income.
- Find out your debt-to-income ratio – This should be no more than 43% because your mortgage lender will want to make sure that you have the ability to repay your mortgage loan. If it’s more than 43% you should pay off some debts first.
Know What You’re Searching for in a Home
Where do you want to move? What are you searching for in a home? These are important questions to ask because, your needs are different than they were when you were in your 20’s and it’s important for you to buy the perfect home that will be right for you at this point in your life, especially if you plan on getting married or starting a family.
Determine How Much Home You Can Really Afford
Once you know that type of home that you’re searching for you should ask yourself “what can I really afford?” because you may want to buy a 3 bedroom, 2 bathroom single family home but if your budget can only afford a condo it’s important to think about this in advance so you don’t fall in love with a home that you can’t really afford.
Meet With a Mortgage Lender
Search for mortgage lenders in your area and meet with a lender to get pre-approved for a mortgage. If you don’t already have one, we work with many great lenders that we trust and recommend.
Before meeting with a lender you should ask them what types of mortgages do they offer? Do they work with HUD or FHA mortgage loans? How long will it take for you to get pre-approved for a mortgage loan? Besides asking these questions you should also look up mortgage lenders online to make sure you choose the most qualified mortgage loan professional.
Hire a Real Estate Agent
Last of all, but most important, hire a great Real Estate Agent; before hiring a Realtor® make sure you also choose the right agent who has verifiable experience, especially in a competitive real estate market like Orange County.
After hiring a Realtor® you should also be ready to do your part during the home buying process by being ready to view listings when they come to market, dropping some of your home buying contingencies, being willing to do some sweat equity or renovation and writing a personalized letter to the seller before submitting an offer on a home.
Learn more about the team of experienced Realtors® we can offer you at Fred Sed Realty by calling us at (800) 921-9231 or click here to connect with us through our website