What You Need to Know about Financing Your New Home

Posted on by smi

new home for sale in Greensboro NC photoHouse hunting is fun and exciting. Searching for homes and imagining the future you and your family will have there is an amazing experience. But before you start looking for a house for sale in Greensboro, you have homework to do. Make the entire experience more pleasant by getting your financial ducks in a row beforehand. Here’s what you need to know about financing your new home.

Get preapproved for a mortgage.

This is truly the most important step. You need to meet with a mortgage broker at your preferred financial institution and find out what amount you will be able to borrow for a home, if you qualify to do so. Don’t set yourself up for the disappointment of finding the home of your dreams and then finding out that you can’t get a loan to buy it.

Save, save, save. And then save more.

One of the best things you can do to prepare to finance a home is to build up a solid savings. You will need this money for closing costs, a down payment, and other expenses that come with moving into a new home. You can never save too much, but there are options for down payment assistance that may be available to you, especially if you are first time home buyer.

Determine a Realistic Price Range.

Based on your preapproval amount and a good hard look at your finances, you can come up with a price range for house hunting. You always want to spend less on a home than you are preapproved for to allow room for other bills, expenses, and home maintenance.

Bump Up Your Credit Score.

You can improve your credit score by keeping balances low on lines of credit, avoiding credit checks, and making payments on time. You can read more information about your credit score and request a free copy of your credit report at annualcreditreport.com.

Now You are Ready to Look at Houses.

Once you have covered all of these points, you are ready to look for a house for sale in Greensboro. Smith Marketing of Allen Tate Realtors has a huge database of houses for sale in Greensboro and the surrounding area. Contact Smith Marketing and Allen Tate Realtors at (336) 215-7880.