Owning your own home – it’s part of the American dream. If you are thinking about making the transition from being a renter to owner there are a few personal housekeeping items to take care of.
Know Your Credit Score
The U.S. government has rules that everyone is entitled to a free credit report each year. To get yours, go to AnnualCreditReport.com. This website was built by credit agencies in response to this government decree.
If you find that there are issues with the credit being reported about you, it’s best to work to try and get them resolved before you start researching lenders for a mortgage loan. The higher your credit score, the better your mortgage terms will likely be.
Apply for a Mortgage
Once you’ve gotten your credit score where you know it should be, it’s time to take the next step, which is to apply for a mortgage.
You really don’t want to go house shopping until you know what amount you qualify for. A mortgage broker will help you evaluate your potential monthly payment, including taxes and insurance.
Check with your Berkshire Hathaway HomeServices (BHHS) Florida Realty sale professional to see if the brokerage firm you are working with has an in-house mortgage operation.
Examine Your Monthly Budget
Once you have an idea of what your monthly payments might be, compare this with your own personal budget. Will the estimated mortgage cost work comfortably within your monthly expenditures? Make sure you won’t be getting in over your head.
The last thing you want to do is to set yourself up with a mortgage that will place your finances in jeopardy. Remember, you can spend a little bit less for a smaller monthly payment. That way you can put something aside each month for maintenance or home improvement projects.
Prep for House Hunting
Once you are happy with the budget, you are ready to start looking at homes. Is it Weston luxury homes that are what you are looking for or Palm Beach Gardens luxury homes? Get started by looking at available homes listed online. This will give you an idea of the type of house you will actually be able to qualify for.
Choose the area, city, or neighborhood you are most interested in moving into, and start your search. If you find Weston luxury homes, Palm Beach Gardens luxury homes, or another home or subdivision that peaks your interest, you might want to take it a step further and look at the county property appraiser’s website. Here you can get some very insightful information on properties. You should be able to see the property’s sale price history as well as the property tax records. This will give you a realistic idea of what you can be expecting to offer on a property and what your annual property taxes will be.
Call Your Realtor
Now you are ready to consult with your BHHS Florida Realty sales professional. With more than 39 offices across Florida, BHHS Florida Realty can help you find the perfect home, whether it’s Weston luxury homes, Palm Beach Gardens luxury homes, or another location or style. Together we can chart a plan of attack for viewing homes within your price range with the desired features and in the neighborhood that suits your lifestyle.
Take your time and enjoy the process!
