As we welcome in a new year there is much excitement and anticipation about the year ahead of us.
- 45% of Americans make New Years Resolutions
- 34% of those resolutions have a financial theme
- 46% will have realized or still be working towards their resolution in 6 months.
So your resolution is to buy a home and stop paying rent? If so you are going to need a plan! Where do you start?
One of the first things you will need to do is talk to a lender and have them evaluate your credit to see if you are qualified and if so for how much. Then you will need to establish your payment tolerance level. You do not always want to buy the house you are qualified financially for, sometimes the payments are higher than your life style will allow. But where do you find that lender? We see too many horror stories of consumers paying hundreds even thousands in hidden fees or even worse lenders who have notorious reputations for problems, some that can even cause a home purchase to fall apart.
A REALTOR® is a great place to start, they know lots of lenders and can refer you to many someone who is a good fit for you and your needs, often they have done business with the lenders they refer in the past so they have a track record of success. REALTORS® are well connected to professionals who can get the job done with the least amount of discomfort for you.
Once the lender looks at your credit you will know where to go from there.
- You might be ready to go
- You might need to save up down payments and closing costs
- You might need to do some work establishing or cleaning up credit
Your REALTOR® will be able to help you navigate those next steps by connecting you with the right people or help you to formulate your plan to achieve your dream of homeownership. In the mean time they are already looking for your dream home behind the scenes to make sure you do not miss anything.
Overall in my career I have seen most people are surprised to find they already qualify for a home loan, while those who do not can typically be put on the right track within 6 months to a year with the right plan.
So if home ownership is on your “TO DO” list for 2017 NOW is the time to start the process. Clarity Street Realty has an awesome team of agents focused on your needs and goals and helping you achieve them. Call for a confidential no pressure talk with one of our Real Estate Counselors to help you get on the right path. 314-963-7300