For most people, buying a home for the first time signals many things: financial success, independence, a commitment to place and family, and more. If you’ve reached the point in your life where buying a home is the next step and you feel like you’re financially ready to purchase a home, there are a number of steps to take before you close the sale. Consider these five steps to buying a home, and reach out to our Indiana realtors at The Jana Caudill Team for advice and guidance that’s specific to you–
Many people approach the home buying process in reverse order, looking at the homes that they want before they figure out how much they can really afford. We recommend sitting down with a financial professional or mortgage lender and discussing your financial situation. This way, you’ll know exactly how much you can afford early on in the process.
Once you have an idea of how much you’ll be able to afford, the next step is to make it official by getting prequalified. This involves sitting down with a lender and providing a wide array of financial information, such as your income, other debts and expenses you have, your credit score, and more. At the end of the process, the lender will provide you with a letter that shows how much of a loan you’re likely to qualify for. You can use this letter when asking to see homes listed for sale. In many cases, a home will only be shown to prequalified buyers.
After you have a developed understanding of how much of a loan you’re likely to be awarded, we recommend doing some research about homes in the area where you want to live. Do you know which neighborhood you want to live in? What style home you’re looking for? How long you’re willing to commute? What are houses in that area selling for?
The earlier you hire an experienced realtor who can help you to understand your needs and wants and find a home that satisfies those, the better. Your realtor can also answer any questions you have and provide you with guidance and direction.
You have a pre-approval letter, a list of what you want in a home, and a realtor – now it’s time to start looking at homes. Be patient, and don’t put in an offer on the first home you see (unless it really is “the one”). Your realtor can help you with what to do once you identify the home you want to buy.
At The Jana Caudill Team, we know how important buying a home is. If you’re in the market to buy, we can help. Call our team today to learn more about our Indiana realtors.