|
As we mentioned, June is National Homeownership Month. It’s one of our favorite times of the year, because homeownership is exactly why we do what we do. If you work with first-time buyers or know someone ready to stop renting and start owning, pass these tips along.
Know your credit score before you start shopping. This one matters more than most people realize. A score of 740 or above can unlock significantly better mortgage rates and loan terms, resulting in real savings. Pull a free report at AnnualCreditReport.com and dispute any errors before applying for your mortgage.
Get pre-approved, not just pre-qualified. A pre-approval shows sellers you mean business. It also gives you a realistic price range so you know exactly what you can afford before you start shopping.
Budget beyond the down payment. Many first-time buyers save for the down payment and forget about everything else. Closing costs, moving expenses and other fees can add up quickly. Plan for an additional 2–5% of the purchase price, so there are no surprises at the closing table.
Don't skip the title search. Title insurance protects your investment against hidden claims, liens and ownership disputes. It's one of the most important parts of the closing process, and one that buyers often don't fully appreciate until they need it. Have any questions about title? Our team will get you
the answers!
|