So You Want To Buy?

Published on August 8th, 2016

When it comes to buying a home, there are a lot of factors to take into consideration. When you are finally ready to make the jump to homeownership, there are a few things you should do to make sure you are prepared. Are you ready to compare you options? Talk to a mortgage advisor or get a free rate quote.

  1. Figure out what you can afford. Set a budget.

There are many factors that go into how much you can afford. Add up all of your existing (and future) expenses to help determine how much money you are able to spend monthly without breaking the bank. Our mortgage advisors can work with you to explore your options and help you determine what you can afford.

  1. Build credit.

Boosting your credit will help you score approval for a loan. Bad or insufficient credit history can limit your opportunity to buy. Pay your bills on time, keep your debts low, and eliminate credit card debts. Plan ahead and watch your score rise. Use our Improve Your Credit tool to see how a better score leads to lower monthly payments.

  1. Compare your loan options.

If you are new to the home-buying process, researching loan types can be confusing. ARM, Conventional, FHA, VA, USDA, Jumbo? What are the benefits of each? Which one do I qualify for? Luckily, vLoan makes it easy. If you are researching, make your way to our product pages. We will show you everything we offer, and we also will give you a free rate quote!

  1. Save, save, save. Down payments aren’t cheap.

The chunk of money you pay upfront when buying a home is fairly important. Your lender wants to see you are capable of saving your cash. If you put down a larger amount, it’s likely that your interest rate can be lower.Make sure to consider your circumstances - don’t put down every penny to your name.It is important to save at least six months worth of bills, especially in case of emergencies or for other unplanned household expenses. There are several different loan options that may allow you put down less than the usual 20-percent payment (ex. FHA, USDA, and VA loans).

  1. Buy the house of your dreams

Check out open houses, surf the net and find exactly what you’re looking for. Do you want a pool? Is the kitchen newly updated? Is the neighborhood safe? Is the yard big enough for the dog to run and play? Don’t settle. Buy the home with the features you have dreamed of without spending more than you can afford. Don’t stress if you don’t find the right home after the first few viewings. Sometimes your dream home is way out of your budget. Search for the home you can afford that checks off the most on your home wish list. Be patient and wait until you know you’ve found the house for you.

 

 A lot needs to be considered as you get ready to buy a home but the vLoan team is here to help make the transition as seamless as possible. If you think you are ready to buy a house, get the process started! Feel free to contact us today or get a 2-minute free rate quote using our multi-step calculator!

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