Most people start their home buying search backwards. They go out and look at
houses, find the one they want, contact the agent who is selling the house and
then find a lender to get approved for a mortgage.
Here are the steps you can take in order to make sure your home buying search
is successful:
Your Finances
Calculate how much debt you have. Get copies of your credit reports from the
3 different credit reporting agencies. Also, find out what is your FICO score.
You can get copies of your credit reports and FICO score from href="http://www.myfico.com">MyFico.com. Make sure you check your credit
reports for errors.
Determine how much mortgage you can reasonably afford with your income and
the amount of debt you have. If you have too much debt, try to pay off some of
your smaller debts (credit cards, personal and student loans). The less debt you
have, the more mortgage you can afford.
Get pre-approved for a mortgage. Find a lender who will offer you the best
rate for your situation.
What Kind Of House Do You Want?
- Do you want a single family house or do you need a two-family house?
- What are the minimum requirements you want in a home?
- What type of neighborhood do you want to live in? (Close to schools,
shopping, work)
- What don't you want in a house?
Choose a Real Estate Agent
- Get recommendations for agents from friends, family and co-workers.
- Look up agents in your local newspaper or the internet.
- Interview several agents and choose one who you feel comfortable with and
understands your housing needs.
Choose a Home Inspector
Familiarize yourself with the home inspection process. Get in contact with
several professional home inspectors and compare quotes. You'll want to do home
inspections of each house you are considering buying.