Spring is peak home-buying time. If you’re in the market for a new home this season, get a jump on your competition by ticking off these tasks before even beginning the home-hunting process.
Obtain a copy of your credit report. It’s always wise to check your credit standing through one of the free credit-reporting services once a year, even if you’re not in the market for a loan, just to be sure the report is up-to-date and accurate. In the event it contains any errors or omissions (e.g., closed charge accounts that appear as available credit or repaid loans that show up as outstanding), you’ll want to get those mistakes cleared up before they slow things down when you do need a loan or, worse, ruin your chances of obtaining a loan altogether.
Get pre-approved for a mortgage. And make sure your real estate sales representative knows! By getting pre-approved, not only will your representative be able to target properties that fit your budget, you’ll know that financing won’t be a stumbling block when you do find that perfect home. Also, as a pre-approved buyer, you can offer sellers a quicker closing, which can give you the edge over competing buyers who have yet to secure their own loan approval.
Be available. Make sure your real estate sales representative knows the quickest way to contact you as properties meeting your criteria become available. And have a contingency plan ready for viewing properties at a moment’s notice — have a babysitter on speed-dial, for example.
Line up your crew. Your property purchase will likely necessitate securing the services of professionals, such as a home inspector and a lawyer. Have your team lined up ahead of time so that you don’t hinder the home-buying process by waiting until the last minute to recruit. Call your real estate sales representative and loan specialist first to get started!