What It Takes to Buy a New House

Today’s real estate market is highly competitive, so you may need to act quickly once you find your perfect home. Before you start your search, however, you should take a few preliminary steps to prepare your finances for this major purchase. First, review your credit report to ensure that everything being reported is correct. Then, take a closer look at your budget to verify that you can afford a new mortgage payment on a house in your market. An online loan calculator will help you to crunch numbers. Once you have a fair idea of the price range that you can afford, you need to check your savings account balance. Do you need to save up more money to cover the down payment and closing costs?

Once your finances are in order, you are ready to get serious about your search for a new home. A real estate agent can help you to find a home that meets your expectations and can walk you through the entire transaction. This includes making an offer, scheduling a home inspection and more. As you search for a property, you also should be in touch with a loan officer. By getting prequalified for a mortgage upfront, you can more easily and quickly walk through the rest of the mortgage application process.

Your ability to qualify for a mortgage is a major factor in your purchase. Our MortgageDepot lending team will support you throughout the process. The first step is to get prequalified, so contact us today to get started.

Connect with one of our loan consultants to learn more.