With mortgage rates still hovering at all-time lows, now is the best time for new homebuyers to think about purchasing a home. If you have all of your financial ducks in a row, looking for a new home can be one of the most exciting parts of the home buying process.
Choosing which neighborhood in Atlanta you’re looking to move into, as well as other considerations like single-family home vs. condo, are some of the decisions in your future. Here are some additional tips every new homeowner should be aware of.
- Calculate your budget. By sitting down and figuring out a budget, you don’t risk wasting time on homes you’re unable to afford. It’s best to determine your budget based on your income and current debts, and using a mortgage calculator can help you get started. If you have money set aside for a down payment, don’t forget to figure that in.
- Pay off remaining debt. This includes car loans, student loan debt, and credit card debt. These are all factors in maintaining a good credit score as well.
- Avoid looking at houses that don’t match your budget. This will save you and your real estate agent time and energy. No sense in wasting either for both of you on houses you won’t comfortably be able to afford.
- Gather important mortgage-related documents early on. This includes items like a list of current debts, employment information, tax return information, etc. It will save you time and energy later on to have all the necessary documents in order.
- Ask lots of questions. The home buying process can be confusing, full of real estate and mortgage jargon that many new homeowners don’t understand. Don’t hesitate to ask lots of questions, and a good mortgage lender will help you understand all the ins and outs of the process.
If you’re about to take the plunge and purchase your first home, don’t hesitate to contact The Mortgage Guys so that we can help you get the lowest rate! We’re happy to take the time to answer all of your questions and ensure the home buying process goes smoothly.