Let’s be honest, buying a home is a big deal. House hunting should be fun and exciting, but it's also serious business!  Your home is potentially the largest asset that you will ever have, follow these tips to get the most out of your home buying experience!

 

#1: Get pre-approved

A pre-approval is an opportunity to discuss budgeting and loan options with a lender. The lender will check your credit and alert you to any problems. This will help you to determine the maximum amount you can borrow, which will give you an idea of your price range. It's important to estimate your comfort level with a monthly house payment rather than immediately aiming for the top of your spending limit.

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#2: Determine your comfortable monthly payment

In my initial meeting with my clients, I always ask them what monthly payment they are comfortable with. They always respond, well, I’ve been pre-approved for "X" amount.  First, thank you for following step #1 but being pre-approved and knowing what you are comfortable spending is a huge difference.   I'm guessing you don't want to be in a new home eating Ramen while sitting on the floor because you can't afford furniture!

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A pre-approval is a necessary tool to determine how much of a loan you can get but look at your finances and determine the monthly payment that you are comfortable with.  Typically, a monthly mortgage payment includes the principle, interest, insurance and taxes.

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#3: Don’t do it alone!

Real Estate agents are licensed professionals that eat, sleep and breath houses.  Seriously, I toss and turn at night thinking about finding my clients the perfect home.  And here’s an insider tip, the seller usually pays all commissions, so there is no reason not to utilize the resources and expertise of a real estate agent!