While fun and exciting, purchasing a home, especially your first home, can be very overwhelming. The Eusea Team, mortgage lenders in Fort Collins, Colorado have helped thousands of buyers and their real estate agents navigate the mortgage loan waters. We’re here to help you every step of the way and we’re happy to explain anything you need. These home buying steps will give you a good place to start to make owning your own home a reality.
Our top twenty home buying steps will help you get the ball rolling:
- Check your credit score: You need at least a 585 to qualify.
- Pay down debts: This can help save money in the long run and get your qualified.
- Save up for your down payment: Saving for a down payment will help you get qualified and be able to purchase the home of your dreams.
- See how much you can afford: Calculate your debt-to-income ration. A mortgage should be no more than 30% of your income before taxes. If you need help running the numbers, let us know!
- List of ‘Needs’ and ‘Wants’: Determine what your new home must have versus what you would like it to have. The more flexible you can be, the more likely you’ll find what you’re looking for.
- Research locations: Know what school districts you prefer and how far are you will to commute. This will narrow your search.
- Gauge your hands-on skills: Are you willing and able to work on a home? If so, you can save on price by fixing it yourself if it’s not move in ready.
- Research agent options: Don’t be afraid to interview a few real estate agents to find the right one for your needs. If you need a recommendation, The Eusea Team would gladly help you.
- Gather documents: You’ll need a variety of documents including forms, pay-stubs, proof of income, bank statements, and loan balances in the mortgage loan process.
- Specialized loans: HUD, FHA, and VA buying programs and 0% down and 100% financing may be options depending on your situation and where you want to live. We’ll help you find what’s best for you.
- Quotes and comparisons for lenders: Use websites to help you compare multiple lenders’ quotes to find what’s most affordable for your budget.
- Pre-approvals: Review your documents with a lender to see what you’re approved for before shopping.
- Start shopping: Check out houses within your budget. Compare them to your wants vs. needs list.
- Look at the HOA: Make sure you understand the HOA rules and costs before buying in a certain neighborhood.
- Adjust your priorities: Consider the realities of what to expect when you’re looking. You may need to adjust your priorities to fit within your budget range.
- Make an Offer: This can be a difficult step, but by choosing a Realtor, they can help you along the way and make wise suggestions for your home.
- Negotiate: The price of your home may be negotiable and your Realtor will help you get the best bang for your buck.
- Inspect: The most must be inspected to check for any hidden flaws before you purchase. This will factor into your financial negotiations.
- Walk-through: Check for damage, leaks, termite evidence, or any other problem with the home. This could save you big bucks in the long run.
- Insure your home: Proof of homeowner’s insurance will be required before purchase.
Want more details and help purchasing a home in Northern Colorado? The Eusea Team has helped thousands of buyers and their realtors navigate the home buying steps. We will help you throughout the entire process, clearly and transparently detailing each step of the way. Contact us to get started!