Buying a House Next Year? Do These Things Now

It’s hard to believe we are already entering the 4th quarter of 2021.  With the new year just around the corner, a home purchase might be on your resolution list.  If so, there are a few things you can do now that will save you time, money, and stress when you’re ready to jump into the market.

Helpful hints when you are thinking about a home purchase:

1. Talk with a lender.  Please do not wait until you are already home shopping to reach out to a lender.  Today’s market is very competitive and good properties tend to move fast.  You’ll want to have your “ducks in a row” and be pre-approved for a mortgage loan in order to give yourself the best chance of getting an offer accepted.  Plus, if there are any lending issues to address, they can take some time.
2. Get your home in order.  If you need to sell your existing home in order to purchase the next one, you’ll want to get it prepared for the sale.  Reach out to a local, experienced Realtor who can not only help you sell the home, but who can also give you advice on how you can sell it fast and for top dollar.
3. Address any credit issues.   Sometimes, credit issues that might seem small or minor can be “deal breakers” with a lender.  Or, if you have negative credit items on your credit report that are bringing your score down, that LOWER score will result in a HIGHER interest rate on your upcoming mortgage loan.  Remember that if you are married, lenders will use the credit scores for the spouse with the lower scores.  So you’ll want to address the scores of both spouses.

As you can see, putting yourself into the optimal position for a home purchase does require some time and advanced planning.  If you have credit related questions, please call our office and we’d be happy to schedule a free consultation.  We can also refer you to reputable lenders and Realtors in the area.