The year 2015 is fast approaching and if one of your goals is to purchase a home in the Grand Rapids area, then it’s time to start preparing. Buying a home in Grand Rapids should be a fun and exciting process. Early preparation helps eliminate all the bumps in the road later that could occur if you rush into the home buying process. For buying a home in Grand Rapids, right now is the time to start getting your finances in order and possibly pre-approved for a mortgage, so when the time is right to start looking you can act fast on your dream home!
CHECK YOUR CREDIT
First things first, if you’re looking to obtain a mortgage know where you stand with your credit. It’s important to monitor credit and make sure the report is accurate. There are many sites available and some free such as freeannualcreditreport.com or creditkarma.com to help you stay on top of your score. Once you know where you stand then you can start planning on how you want to put yourself in abetter position for a mortgage.
STAY CURRENT ON YOUR BILLS
Before you even want to gloss through Zillow.com and fall in love with a home, you’ll want to make sure you have your finances in order. That starts with making sure you stay current on all your bills each month. It is important for a lender to see that you’re paying your bills on time making the conditions more favorable to lend a mortgage to you.
GET THAT PRE-APPROVAL
Once you know where you stand with your credit and are on top of the bills, start researching lenders and get a pre-approval. Now you can finally go out and start looking for that dream home! It’s important to have a pre-approval so that if you do find the right house you’re able to act on it fast. Come spring the market tends to move at a much faster pace and you’ll have a lot more competition on that house. You’ll be in a much better position to get that house if you’re prepared.
MAKE THE BIG PURCHASES LATER
Once you found your dream home don’t go out and buy a dream car at the same time. Save the big purchases for later. Taking out another sizable loan just before closing on your house can sometimes make the deal fall through. It’s always best to wait on the car or other big purchase you would need to get a loan till after you purchase the home. Realtor.com gives some sound advice on some things you want to avoid doing prior to purchasing a home in this post.
MAKE AN EDUCATED DECISION
Before submitting that offer do some research on the house. Make sure you’re comfortable with the cost and upkeep of the particular home. A lot of times buyers will fall in love with a home, but fail to think about the small things that over time can become cumbersome. There are often unexpected costs that you may not factor in when you purchase the home such as mortgage premium insurance, repairs, and even decorating the home. If owning a home is your 2015 goal, plan ahead. Do your research, organize your finances, and get pre-approved. Early preparation can be the difference from finding a perfect home and making it yours to watching that home fall in someone elses hands because you didn’t know where you stand and were not organized.