Dreaming of a New Home This Winter?

In a recent blog we shared why buying a home during the winter months may be a good idea. As a follow up we wanted to provide some secrets for the home buying process.

1. Don’t make any big purchases. It’s not wise to make any huge purchases or move your money around for 3 to 6 months before buying a new home. You don’t want to take any big chances with your credit score changing. It’s important your credit history doesn’t have a lot of new credit accounts opened, or that you haven’t amassed a lot of debt in a short amount of time.
    
2. Get pre-approved. There is a big difference between being pre-qualified and pre-approved. Getting pre-approved means a lender has looked at all your financial information, they’ve let you know what you can afford, and what you are approved for.
    
3. Don’t try to time the market. Don’t obsess with trying to figure out when the best time to buy is. Trying to anticipate the housing market is impossible. If you are ready to buy, go for it.
    
4. Avoid sleeper costs. The difference between renting a home and buying a home is the sleeper costs. Most people just focus on their mortgage payment, but there are also other expenses such as property taxes, utilities, home owner association dues and maintenance and repairs. Make sure you budget for those costs when determining what you are comfortable spending.
    
5. Give your house a physical. Would you buy a used car without checking under the hood? To eliminate any big surprises, hire a home inspector. A home inspector’s sole responsibility is to provide you with information so that you can make a decision whether to buy or not.

Whether you are in the market to buy a new home this winter or simply want to discuss refinancing your current home loan; we’re ready to help. Contact us today to learn about all of our different home loan options.

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