Are you tired of renting? Instead of paying someone else’s mortgage, invest in a Parkland home of your very own. Interest rates remain near historically low levels. Home prices are beginning to creep up. Now is an excellent time to buy. First things first, though. Here is a first time Parkland home buyer checklist to get you on the right track to homeownership.
Check Your Credit
This should be the first step on any first time Parkland home buyer checklist. Everyone is entitled to one free credit report per agency (Experian, TransUnion and Equifax) per 12 month period. You can get this by either visiting the AnnualCreditReport.com website or calling (877) 322-8228. Some creditors may report information to all three agencies, while others may only send info to one or two. This means that there can be huge discrepancies in your FICO score between the three reports. Addressing reporting errors can take several weeks and possibly months to fix. That’s why this should be done as soon as possible.
Get Pre-Approved for a Loan
Pre-qualification only takes a few minutes. However, it does not guarantee that you will get a loan. Pre-approval, on the other hand, is you going through the actual loan application process, including a credit check as well as asset and employment verification. In the end, you will know the ceiling of what you are actually approved to spend on a Parkland home. This can be a huge plus at negotiation time. Sellers are much more willing to work with someone who has guaranteed funding on their side. Since this can take some time, I highly recommend that you get started on this step right after you have fixed any errors in your credit report.
Your Wants/Needs List
Write down everything you need and/or want in your Parkland home. Your family is expanding, so you need an extra bedroom. You are planning on working from home, so you need to have office space. You love your current location, so a home in your neighborhood would be ideal. Weekend get-togethers are a tradition, so outdoor space and a large kitchen are important. This list will help keep you focused when you are looking at homes in the Parkland real estate market.
Find the Right Parkland REALTOR®
Parkland REALTORS® are like snowflakes: no two are the same. I highly recommend that you interview a few before settling on one. You should feel comfortable with how they handle business because you will be working very closely with them over the next few weeks and, possibly, months. Get references from friends, family, co-workers and neighbors to see who they have worked with in the past. Nothing beats a personal reference.
The last and arguably most important item on the first time Parkland home buyer checklist is to be patient. The process of buying a home takes time…and a lot of it. Patience is a necessity. More often than not, there may be an obstacle or two that pops up on your road to homeownership. When you have the right Parkland Buyer’s Agent on your side, these obstacles turn into speed bumps and not a road block. Contact me when you’re ready to start searching for your next Parkland home.
Featured Parkland Home for Sale
For more information on this and other Parkland area homes for sale, please visit my Parkland Featured Listings here.