It can be tough to find the perfect home right now. But we have some tips to help you find and finance your dreams.
Be Honest About Your Finances: If there’s room in your budget for a home loan, we’ll help you find it during the pre-approval process. The goal is to pinpoint a monthly mortgage payment that does not exceed more than 28% of your gross household income — and keeps you below 36% when you add car payments, credit card payments, and other loans. Once we are done, you will have a good idea of what you can afford and a letter stating how much you have to spend, which works just like cash when making an offer.
Search Online Every Day: Instead of waiting for your real estate agent to send you comps and options, make finding your new home a part-time job. If you can beat the competition and make an offer before anyone else, you might have a shot at that ideal home in the perfect neighborhood.
Make Appropriate Offers: While we all like to save money, when it comes to buying a home, you will want to be aware of the trends in the marketplace. You might need to offer above the asking price to secure your perfect home. Your real estate agent can guide you in the right direction. Just remember to stay within your pre-approved limit.
Compile Important Documents Early: Items you’ll eventually need include pay stubs from the last 30 days, W-2s from the last two years, and financial statements.
Give InRoads a Call: Our 1st Time Home Buyer Program can help make your homeownership dreams a reality with reduced mortgage insurance requirements and low down payment options.