Tips for Buying a Home

While the home-buying process may seem overwhelming, here are some tips for buying a home that make it a little easier.

1. Know Your Numbers- Unless you’re paying in cash, you’re going to need to borrow funds for a mortgage. Here are some things you need to know:
    
   • Your income
   • Your debt (including credit cards, student loans, auto loans and more)
   • Utilities – (estimate costs for electric, cable, internet, heat, etc.)
   • Monthly expenses (food, clothes, entertainment, and transportation)
   • Money for a down payment (this varies depending on home cost and the type of loan you qualify for)
   • Money for property taxes, mortgage insurance, and closing costs
     
     
2. Get Pre-Approved with a Lender You Trust- Once you have a handle on your personal finances, you should get pre-approved for a loan with a reputable lender, such as Northeast CU. This is a firm number based on your credit, debt-to-income ratio, analyzed tax returns, and more that tells you how much you’re working with as you search for your home.
   
   
3. Make a Wish-List- Be clear about what you want. Sit down with your co-buyer and agree on your absolute must-haves and what you can live without before you start looking at homes so that you make sure you’re focusing on the right properties.
   
   
4. Find a Good Realtor- Ask the people you trust for recommendations, and make sure you’re comfortable with whoever you choose. This is a huge decision and it’s important to have open and honest communication with a real estate professional who puts your interests first.

If you have any questions or need more tips for buying a home, don't hesitate to reach out to one of our Mortgage Specialists.