Being a first-time homebuyer in Delray Beach, FL is very exciting. You are moving into a new stage in your life in which you will be taking on more responsibility. You will go through a process that is mixed with feelings of excitement, uncertainty, confusion, and maybe even frustration. There seven things you must do as a first-time home buyer. Theses seven tasks will help you in buying the home you want. They will also help you gain more knowledge on the home buying process. So pay close attention to each task.
- Know your credit score. Be more familiar with your credit history and make sure that all the information on your credit report is 100% accurate. If your credit score is low, which is usually below 750, then do whatever you can to raise it up. Don’t max out your credit cards. Instead, pay more than the minimum payment. You want your credit score to go up. If you have a good credit score, which is above 750, then keep it up. Credit is immensely crucial in the home buying process.
- Hire a good professional team. You are going to need the assistance of some professionals when looking for a home to buy. Establishing relationships with people who are familiar with the housing market and Delray Beach, FL mortgage loans will help you relive your stress. Find an experienced real estate agent, a trusted mortgage lender, and maybe even a real estate attorney. They will answer any questions you may have.
- Get prepared to obtain a mortgage loan. Before you start looking for the home you want, make sure you get a preapproval from a mortgage lender in Delray Beach, FL. The mortgage lender will verify your income documentation and check your credit. Get all of your finances ready. A mortgage calculator will help in determining what your mortgage’s monthly payments might look like.
- Determine your budget and stick to it. Sit down and determine how you budget will change from now to later when you get your home. Ask yourself, what monthly payments can I afford? Stay in control of the amount of money you can use. You don’t want to go over your set budget.
- Time the end of your lease. It takes a while to find the home you will love and to close on the home. It will take time for you to determine when you will be able to move into your new home. With that said, do your best to time when your closing and moving dates will be at the end of your lease. Revisit you current home’s lease. You don’t want to be left without a home while you are trying to buy a new home.
- Consider down payment assistance. When you buy a home, you have to pay a down payment. Many first-time homebuyers overlook the down-payment assistance programs that may be available to them through the state they live in. Not all of the programs are for low-income buyers only. Do your research. You might be able to find numerous programs available for mid-income buyers.
- Inspect the home before closing. Buying a home is a huge investment. It is where you and your family will spend most of your lives. Have it thoroughly inspected by a reputable home inspector while you are under contract. Have the inspector check the roof, the plumbing, the electrical and all the other parts that get overseen. On the day of closing, do another final inspection. Then, do a walk-through the day of closing again yourself.
Obtaining a mortgage in Delray Beach, FL can be a breeze when you know these seven Must-Do’s when buying a home for the first-time. Ace Mortgage Loan Corporation is a mortgage lender in Coral Springs, FL. They have helped Delray Beach residents before in getting a home loan. They can do the same for you. Call Ace Mortgage Loan Corporation today at (954) 777-4774 to schedule a free consultation. Your new home is waiting for you.