There is nothing more exciting and terrifying at the same time then buying or investing in real estate. With that being said, you should never go blindly into a sale. Be as prepared as possible before exploring the world of real estate with a mortgage.
Know your finances
Before you begin your search or start to jump into Goldendale real estate, get a good handle on your own finances ahead of time. Get a copy of your credit report and make sure you are aware of any discrepancies before your lender does. Repair any mistakes and take care of any late fees before sitting down with a lender.
Get an emergency fund built
Even if you have poor credit, if a lender sees you have several thousand dollars in the bank, they may feel you are helping to repair your credit and have a cushion in case of emergency. Even $1000 can help. Plus, when it comes time to buy a home, you will need earnest money cash and inspection costs out of pocket. Having this cash on hand will make the process more smooth and stress free.
Shop around for a loan
Don't worry that every place you shop at will ding your credit. They know you are shopping for the best loan and its worth it to get the best deal. Shop mortgage brokers, lenders, private lenders, banks and credit unions for the best deal on rates, fees, points and appraisal costs. All these fees will be built into the closing costs but you will still need to try and keep these costs down if possible. Find a lender you are comfortable with and one who will explain all the aspects of a loan and a mortgage. If for any reason you don't feel right about it, find another lender.
Don't go above the cost you are approved for
Just because you were approved for a $300,000 loan doesn't mean you have to push it. Remember, this is the maximum amount your income can afford. Once you own a home, you will have other issues like repairs, replacements, upgrades and additional furniture. And you will want extra funds available when these things become a need.
These may be 4 simple tips but without them the road to homeownership can be very stressful! Take care to keep your finances under control throughout the whole home buying process and you will be glad you did! Contact us today for all tips and help with buying Klickitat county homes or real estate.