For years you have been scrimping and saving, preparing for that day when you could purchase your first house. Now, that day has arrived. However, now that it is here, it becomes evident that the process of home buying can be a little overwhelming for a first time buyer. So, what to do? first of all, don’t panic and rush out and put a down payment on the first house you see. This is going to be a big purchase so you will want to plan your steps very carefully.
1. Get your credit sorted out. Having a good handle on your finances will only make this process easier. It’s great that you have a down payment set aside, but have you secured financing yet? Having financing arranged before you start looking for a home is one of the best moves you can make. However, having financing arranged before you start looking means having the credit to get pre-approved for a mortgage.
2. Get pre-approved. Being pre-approved for a mortgage allows you to shop worry free and it lets you know ahead of time what you can afford. Having your mortgage pre-approved will also be an attractive asset to realtors and home owners as it shows them that you are a serious customer....