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In this hot real estate market, every homebuyer should take these steps to land their dream home.
On Monday during News 8 at Sunrise, these steps were discussed by the ESL Federal Credit Union Vice President and Director of Mortgage Lending, Tony Holmes.
Holmes said that they were observing low inventory, fewer listings from the home perspective for sale.
The company was having cash buyers and was seeing valuations increase. So they are up about 10% in terms of the median sales price from 2020 and are anticipating that number will continue to rise over the next few months.
He also said for all homebuyers, more so for first-time homebuyers, there are a few steps that need to be taken to improve their chance for a successful outcome.
- Always understand your financial profile – Get your accurate credit report. Be prompt in paying your debts. Establish a savings account if you don’t have one. Continue to contribute to that account if you have one. And lastly have a budget. So you are accountable as you go through your homebuyer journey.
- Education – Since this is the largest purchase in your life be well informed about the transaction and go through various videos online that take you through each step of the process. Next is to understand the cost associated with buying a home, not only the closing costs but also the cost of owning a home. Also, educate yourself on products and programs. Holmes says that there’s a big misconception that you’ve need to put a 20 % down payment. In many situations, you can put as little as 3% down and purchase your home. There are also programs where you select your term, whether a 30-year fixed rate or a 15-year fixed rate. And if you’re a veteran or servicer then you can qualify for a VA loan. So you need to educate yourself throughout the process.
- Your team of professionals – A realtor, an attorney, and in some cases for first-time homebuyers a home counseling agency, and then lastly a mortgage professional will all help you navigate this process.
- Mortgage professional – To help you get a pre-approval, and gives you that assurance to buy with confidence.
Reference Source: Rochesterfirst
