Call us so we can help meet your lending needs.

Call us so we can help meet your lending needs.

Getting Ready for a Home Purchase

Getting Ready for a Home Purchase

Are you planning to buy a house for the first time? If so, you’re in for a fantastic adventure! Purchasing a home might be one of the best decisions you’ll ever make, but it can also be extremely overwhelming. Before you begin, you should have an idea of what to expect. To make the process a little easier for you, we have a few suggestions to help you get started with your loan adventure.

Checking Your Credit Score

There are strategies to raise your credit score if it’s a little lower than you’d like. You can start by ensuring that there are no mistakes on your credit report. Equifax, TransUnion, or Experian are the companies where you can get your credit report. These are the three main credit bureaus, and upon request, they are obligated to give you a free copy of your credit report each year. Because erroneous credit reports are frequent, this is a simple initial action to take. Paying off the loans with the highest interest rates first is another strategy to improve a lower credit score. Your debt-to-income ratio will decrease as you cross debts off the list, and you’ll receive a better mortgage rate. Should your score go below roughly 580, you’ll have to focus on improving for a while.

Get Yourself Pre-approved

Having this pre-approval will help you a lot when you look for a house. Offers that have a strong pre-approval from a respectable lender, such as ours, will be granted more easily. This is also a favorite among real estate brokers because it offers valuable guidance for search parameters and approximate house affordability. By doing this, you avoid wasting a lot of time and aggravation on homes that turn out to be outside your budget.

Interest Rates, Down Payments, and Fees

Ask questions about any relevant fees, any down payment requirements that may apply, and your alternatives for interest rates when you visit with us. Since we have nothing to hide, we are transparent about everything. You should leave a meeting if the other person is unwilling to share this kind of information. There will always be costs involved, and we will make sure you are aware of them and their justification.

Need a real estate agent? We’re here to assist.

We frequently find people attempting to navigate the housing waters on their own, which usually leads to frustration and financial loss. Home purchasers sometimes rely on the seller’s agent to handle both sides, which is not always advisable. We can recommend real estate agents who we regularly work with and know are looking out for your best interests, not their own.

House Shopping

Now that you have a real estate agent, it’s time to begin your property search! Though it’s usually the most enjoyable aspect of the process, don’t forget to consider your needs and budget. You should think about the home’s size, price, and location, among other factors.

It’s time to begin showing properties once you’ve identified a handful that pique your interest! 

Buying a home is a major decision, but it does not have to be tough. Following these steps will make the home-buying process easier and less stressful. Call InterWest Mortgage for assistance with your mortgage needs.