Ignite FB Tracking PixelFour Things to Get Ready to Buy Your First Home - Lori Madden
MANGROVE REALTY ASSOCIATES
Lori Madden, MANGROVE REALTY ASSOCIATES
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Four Things to Get Ready to Buy Your First Home

by Lori Madden 04/14/2019

It is not just enough to think about buying your first home. It is a life-changing experience that can have more twists and turns than a Hollywood soap opera. Homebuying can also be an enjoyable experience if you put in steps to get ready for the process well before it gets started.

Here are four things that you must do to prepare for buying a home.

Check your credit report

The most critical factor in buying a home is your credit report. This report is what mortgage lenders use to determine your eligibility for a mortgage loan. Many things affect your credit report and add up to your credit score. Find a free or paid website to check your credit report at least twice a year.

Build your credit history by also making sure that you don’t default on credit card payments and other bills. If you already have delinquent accounts on your credit report, work with the creditor to bring it back up to date. If there are mistakes on your report, contact the reporting credit bureau to address it. 

Have a budget

Budgets come out of taking a long, hard look at your current financial situation and deciding how much down payment you can afford to pay. Your economic condition affects the type of home that you can buy and your ability to pay your mortgage conveniently. Also, try to budget for other expenses like homeowners' insurance, closing fees, inspections, and possible renovations or improvements. Use a mortgage calculator online or with your real estate agent to play around with the amounts to find the sweet spot for you.

Get pre-approved for a mortgage loan

Before you start looking for a house, you should get pre-approved by your bank. Not only does this give you a stamp of approval that you are ready to buy a home, but it also gives you an edge over other buyers as the sellers know there will be a quick closing on the sale.

Find a Real estate agent

Navigating the real estate market by yourself is not advisable. Many pitfalls exist of which you may not be aware. To make your dream of owning a home a reality, find a real estate agent that is professional, has your best interest at heart and honest. This person will help you get the best deal for your money and also have a smooth buying process.

Do you think now you are ready to buy your first home? Call a local real estate agent today to get started.

About the Author

Author
Lori Madden
As a Florida native growing up in Sarasota, I have seen my hometown grow from a sleepy coastal town to a highly sought-after destination along the shores of the Gulf of Mexico. After working in Chicago for 5 years, I returned to Sarasota and saw it through a new lens and really began to appreciate what makes Sarasota so desirable, including temperatures that allow for year round outdoor activities including tennis (a personal favorite), golf, boating, kayaking, fishing, paddle boarding, or just relaxing and/or shelling on our pristine sandy shores, including Dr. Beach’s #1 beach in the United States for 2017, Siesta Key! Sarasota’s cultural amenities are many and diverse, appealing to a wide range of arts lovers. Downtown Sarasota has become a destination in itself, drawing many new developments for those who want to be within walking distance of Main Street's offerings and the picturesque bayfront and marina. Foodies will find an eclectic mix of locally owned and operated restaurants offering something for everyone, and there are now Farmers Markets every day of the week in various locations throughout Sarasota, but the Saturday morning Farmers Market in downtown Sarasota draws the biggest crowds. Since 1988, my passion has been selling real estate, representing both buyers and sellers. I have been recognized by my clients and customers for an uncompromising work ethic and dedication to helping them achieve their real estate goals. Relying on my experience as a real estate paralegal and being highly organized, I am able to help make the transition between contract and closing a smooth one for my clients. With an eye for interior and landscape design, I've been known to pitch in and help Sellers minimize and/or reorganize their belongings in order to stage their home to maximize its sale potential. I specialize in out of state buyers looking for their piece of paradise along the Gulf Coast and make it a priority to keep them up to date on our quickly changing local real estate market. I welcome the opportunity to share with you all Sarasota and her surrounding islands have to offer!