Things to consider when you are deciding if the time is right for you to purchase a home are:
1. Am I ready for the responsibility of owning a home?
2. Am I financially ready?
3. Is my credit good enough?
4. What type of loan is best for me?
Purchasing a home involves a myriad of considerations. Owning a home entails the responsibility of protecting your investment. You no longer have a land lord to call when someting breaks - you are now that landlord.
The best way to find out if you are ready for the financial side of the picture is to contact a mortgage professional. A mortgage professional will be able to check your credit and if it needs to be repaired, he/she will be able to point you the right direction to accomplish this task. Don't just pay off collections without checking with your mortgage professional first. Sometimes, paying off a collection will cause more immediate damage than just leaving it alone. After inverviewing you, your mortgage professional will be able to find the financing that is right for your situation.
You will also be informed of how much you can afford to spend on a home. Keep in mind that just because you may be approved to spend a certain amount, you may not be comfortable spending that much. Remember, this is your money you spending so you are the boss! But, you will know how much you are pre-approved to spend.
Now, it is time to find your Realtor®/agent. Interview several agents to find the best fit for you. Your Realtor® should call you in for a Buyer Consultation. This will take anywhere from a half hour to an hour and a half, depending on questions you may have. During this consultation, you Realtor® will ask you a series of questions to get to know just what you are looking for in a home. After the consultation you are now ready to to house hunting. If your Realtor® has done a good consultation and you were totally honest with him/her, you should be able to find your new home pretty soon.
This is the short version. if you would like more information about purchasing a new home or the down-payment-assistance programs available we hold Home Advantage seminars twice weekly. To register send an email to me, Roger Stensland or my partner Jay Staples at: