Buying a home in Dallas is an involved process. If you intend to purchase a home in 2017, there are some things you should start doing now to get the ball rolling!
First of all, check your score. A good credit score is critical when it comes to getting a mortgage. By checking your score now, you can start repairing it if for some reason your score is low.
Avoid spending too much over the holidays or opening a new credit card. It’s tempting to open up those credit card offers, promising savings on holiday purchases. You don’t want to open an additional line of credit right now, as it could impact your chances of obtaining the best rate on a loan or even getting a mortgage!
Begin your search for the right real estate agent. It’s important to interview agents, as you want someone who will work hard to help you in every aspect of the buying process, someone you can communicate with and who you feel comfortable with. Whether a friend, co-worker, or family member suggests an agent or you have a neighbor who’s an agent, be sure to shop around and get those interviews going. By the first of the year, you’ll know who can best assist you in reaching your goal.
Locate a mortgage lender before your home search begins. Why waste your time looking at homes in a certain price range if you can’t afford those homes? A good lender will help determine how much home you can afford to buy. You’ll want to compare at least two to three lenders to see what they offer in terms of points, costs, and the time it takes to close on the home. Your real estate agent can help you find a lender, as well as your bank.
Start gathering the documents you’ll need to get pre-approved. Pre-approval makes it much easier to buy a home. What you’ll need includes separate lists of all of your debts and assets, W-2 forms and tax returns for the past two years, proof of rent or mortgage payments for the last 12 months, and paycheck stubs from the last four to six months.
Why wait until next year when you can start getting ready to buy a home now, and eliminate much of the stress when the time comes? At Team Nelson, our Dallas real estate agents know buying a home should be exciting and fun; removing some of the stress now will help you enjoy the experience!