What property types should you consider when buying a home? Here are some key factors to understand when making your decision!
2024 home buyers, it’s time to start thinking about your upcoming purchase! If you’re hoping to buy a house next year, there are some items you can start preparing now. Things like your mortgage, real estate agent, and finances take some time to arrange. Here are our suggestions for tasks to take on before commencing your search.
Get your mortgage pre-approval
We’ll start with one of our most common pieces of advice: get pre-approved for a mortgage! You’ll hear us talking about pre-approvals a lot, and it’s going to be critical for 2024 home buyers. In case you don’t know, a pre-approval is an estimate of the mortgage amount you might qualify for. This estimate is just based on your current financial situation, so therefore it is not a firm approval. You will still need to apply for your mortgage approval when you reach that point. However, this is a very useful way to determine your buying power in today’s market. If your pre-approval amount is lower than you expect, you can either adjust your buying plans to fit this number, or try to improve your financial situation in order to qualify for a higher amount. This insight means you have a good idea of where you stand, and what you can do to have the most success in the market.
Research real estate agents
One of the key people you will need on your team when buying a home is a real estate agent. They will be your guide for finding and viewing properties, making offers, and navigating paperwork. Sellers always look for buyers who use agents to make the process as easy as possible. With that in mind, it’s important to make sure your real estate agent is a good match for you. You should start researching agents who you think might fit your needs. For example, agents who are local to your area, or who have worked with new home buyers, are ideal. If you’re feeling stuck, you can also reach out to your broker for suggestions. We work with several agents and can recommend some who we think would be right for you!
Think about potential locations
The real estate market is huge, so it’s helpful to narrow down some locations where you want to focus your search. You can do this by considering some of your housing requirements, and which areas might be able to meet them. For example, many people value being close to family, having easy access to amenities, or living in a town with several neighbourhoods. Of course, this will help you automatically rule out some locations, leaving you with the legitimate potential options. Your real estate agent will be a major help during this process as well!
Get your financial information ready
This is one of the more daunting tasks of the purchasing process. Finances can be intimidating and confusing, but they’re important for lenders to understand your situation. At this point, all you need is an estimate of your current income, expenses, debts, credit, and any other financial information. You can bring this to your mortgage broker, which we can use to help determine your buying power and pre-approval expectations. You will need to provide official documentation of these numbers later on, but for now this is all you need to start.
Contact a mortgage broker!
Finally, make sure you get in contact with a mortgage broker sooner rather than later! Brokers are an essential part of a successful home buying experience. We provide guidance every step of the way, and we help ensure you secure the right mortgage product. Brokers advocate for buyers through their commitment to put the client first and making it a top priority to meet client needs. We recommend that you make a point of reaching out to a broker as soon as you can to start off strong on this journey.
2024 home buyers will be working with an interesting market as we navigate economic changes and the potential of lower interest rates. By doing what you can a bit early, you are ensuring you will have the best experience possible in the new year. Having a broker on your team will give you the best head start!
If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.