Getting Ready to Buy in the Spring Market
The early bird catches the worm! Yes, even in winter you can get a head start on purchasing your future home. How does one do that you might ask? Well, there are a few factors you will have to consider. For starters, it’s important to know what type of property you’re interested in, and whether or not this means upgrading to a bigger house or downsizing. Secondly, understand that the spring market can get competitive so you want to take the time to get your financial pre-approvals in place now. Let’s go over a couple more things that can help you through the process.
It’s Never Too Early to Call a Realtor
As early as you may be in the process, it is never too soon to call a Realtor. As real estate professionals, we are here to help you every step of the way. And here is the best part: in almost all cases, the commission for the Realtor on the buying side is covered by the sellers! This means that there is no cost to you as a buyer for adding a professional to your team.
Making A Plan
Now is the time to look at your budget and also determine what you can afford. From this information, you will want to consider your needs and wants and start looking at neighbourhoods that fit your budget. It is always best to know what to expect. Take some time to look at active listings right now, even if you are not ready to buy to get an idea of what is out there, what it costs, and what you are looking for. The spring market can be quite competitive and narrowing your search now will ensure that you focus in the right places.
Get Your Finances in Order
You are about to apply for the biggest loan of your life so now is the time to get the rest of your finances in top shape. Don’t apply for new loans and do your best to pay down any debt that you may have. Now is not a good time to buy a new car or make any other large purchases. Also, make sure that you have your down payment set aside and continue adding to it (every little bit helps!)
A mortgage pre-approval is a very important step for any home buyer. It’s important to know what you can afford before you start your search. Take some time with a mortgage broker or bank to go over your options and to get that pre-approval. The process is simple and will just require some basic information about your income, assets, debts, and credit. But remember, this is not a binding document and nothing is final until you sign on the dotted line with a specific property on the loan. Mortgage pre-approvals are also dependent on your financial situation remaining the same so don’t make any big moves such as quitting your job, big vacations, or buying a vehicle, as this may make your pre-approval worthless.
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