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New Year New Home: 5 Ways to Make it a Reality in 2020
Deciding to buy a home can be daunting, but educating yourself about what's involved can help you understand what to expect. Our REALTORS® guide clients through the process every day and share some tips to make your home buying journey a breeze.
Decide What You Want and Need
Think about what you'd like in a house today and in the future. Are you planning to have a family and want a big yard for kids and pets? Is a garage a requirement for you? Write down everything you want and need and start checking out your local real estate market online. It's important to look at the area as a whole—it's always a good idea to buy in a neighborhood where property values will most likely appreciate.
Get Your Finances In Order
First, you'll need to save for a down payment. Generally, a down payment should be about 20 percent, but can be as low as 10, 5 or even 0 percent for certain types of mortgages like FHA and VA loans. When you feel confident that you've saved enough, check your credit. Annual Credit Report.com offers a free yearly credit report from the three major reporting agencies, Equifax, TransUnion, and Experian. Making sure your credit is in order can help to ensure you get a decent interest rate.
Also, get pre-approved by a lender before you start looking at Augusta homes for sale. To do a pre-approval, lenders will review your credit report, income, and other finances. They will then issue a letter stating the amount for which you've been pre-approved. Keep in mind that pre-approval is not the same thing as being approved for a mortgage loan. When you're ready to do that, make sure you choose at least three with competitive rates.