Get your house in order before you start shopping. Here’s what you need to do, and when.
Buying a home is a complicated process, and it can be particularly daunting for the first-timer. The following timeline starts one year before you hope to start seriously shopping for a home. This is an ideal; you can arrange your finances and buy a home in less time, if necessary, but you’d be smart to walk through all of the steps in order. The more time you give yourself for this process, the better.
A year out (or as soon as possible)
- Get your credit reports.
- Get — and improve — your FICO credit scores.
- Consider a credit-monitoring service.
- Deal with your debt.
- Save, save, save.
- Put your bills on automatic.
6 months out
- Sort through your mortgage options.
- Start calculating how much house you can afford.
- Research all the costs of owning a home.
- Adjust your saving strategies.
3 months out
- Reduce your credit utilization.
- Don’t open or close any accounts.
2 months out
- Get an idea of the mortgage rate you can expect.
- Understand the effect of mortgage-shopping on your score.
- Get approved for a mortgage ahead of time.
- Consider a mortgage broker.
- Begin researching neighborhoods and look for an agent.
Once you’ve found your home and your offer is accepted
- Arrange for an appraisal, a home inspection and a walk-through.
- Get homeowners insurance.
- Confirm how much money you’ll need at closing.
Enjoy your new home!
Team Realty at Continental Properties, Inc.Royal Palm Beach * Wellington * West Palm Beach * Palm Beach Gardens * Boynton Beach * Jupiter * Loxahatchee * North Palm Beach
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