New year, new home! If you’re planning on becoming a homeowner this year, there are 3 things you absolutely need to do before you get started to ensure that you are well prepared to tackle the housing market and realize your dream of homeownership in 2021.
Number 1 – Take a deep dive into your credit report. You can easily check out your credit report online. You’ll want to see, number one, what your score is, and number two, if there are any discrepancies or negative marks that need to be addressed. I’m talkin accounts you don’t recognize, payments that were reported as late when they definitely were not, maybe an ex-spouse listed on an account by mistake, among other things. And if need be, do what you can to increase your score. The higher your score, the lower the interest rate. We’ll link a couple of handy videos in the description below on how to get your credit in home buying shape.
Number 2 – Find a lender who offers upfront underwriting. But Autumn, what does that even mean? It means that when you apply for a mortgage, your application is in front of an underwriter immediately. They will review your documents at the beginning of the process and conditionally approve you, a lot of times within 24 hours. This is why Homespire is able to get you that pre-approval so quickly, and not several weeks into the process like other companies. You’ll also have an exact dollar amount so you know exactly what you can afford before house hunting. And when you find the home, you can put in a strong offer on the spot. This makes the mortgage process so much quicker, which means you can close earlier. And earlier closing dates are often the motivating factor for the seller, so you’ll have a leg up on the competition if there are several offers on the table.
Number 3 – Work with a trusted Realtor®. Working with an experienced Realtor will save you time, money, and, frankly, your sanity. They know how to negotiate on your behalf to get you the best deal possible. So, talk to friends and family, find out who they used. Read reviews! Reading about others people’s experiences will help you narrow down who would be the right fit to work with.
If you’re ready to start your journey to homeownership, visit https://www.homespiremortgage.com/loan-officer-search/ to find a Homespire Loan Officer near you. We’ll guide you through the process every step of the way.
This is YOUR YEAR #ownit