Check your credit history.
As with any major purchase requiring financial assistance, it’s a good idea to take a look at your credit before shopping for a home or a mortgage. Review your credit reports and make sure all listed information is correct. If you spot mistakes, address them as quickly as possible. While you might not have time to rebuild your entire credit history, you can see what impacts your credit score and start a credit improvement plan.
United Heritage offers pre-qualifications so you can determine your borrowing power. Getting pre-qualified enables you to understand how much home you can afford and set a budget as you start your search for a new home. Having a pre-qualification puts you in a better position to make a serious offer when you find the home that’s right for you.
Determine your down payment.
If it’s financially feasible, try to make a 20% down payment. A 20% down payment will eliminate the need for mortgage insurance or a second lien on the home. The amount of your down payment could impact your mortgage loan rate. Determining your down payment amount is an important step in preparing to buy a house.
Use your pre-qualified purchase price to shop with confidence.
Enjoy house hunting knowing that the property you fall in love with is one you can afford. Once you have your pre-qualified purchase price, you can focus on your real estate wish list. Various factors come into play when shopping for a home, such square footage, closet space, floor plan, outdoor area, kitchen, and much more. Make a list of the features you consider most important and keep these items in mind as you evaluate each home. You might need to be flexible as you start narrowing down your search, but a pre-qualification and pre-planning can help you stay on track.
Consider the future of your investment.
A house is more than a place for your family to live; start thinking of your future home as an investment. In addition to the actual structure, be sure to consider the neighborhood, school system and property values. Pay attention to the amenities offered either within the community or in the areas close to the home - like nearby shopping centers, restaurants, activities for families and other conveniences. All of these things affect the overall value of your home.
Understand the current condition of the home.
Before your option period ends, hire a qualified home inspector. If you’re working with a realtor, he/she can coordinate the home inspection. Regardless of whether or not you're working with a realtor, a home inspection is always a good idea. Home inspectors will provide you with detailed information on the true condition of the home. This information helps you determine how much money you’ll need to put into repairs or upgrades should you decide to move forward with the purchase.
Work with a United Heritage loan specialist.
Having United Heritage in your corner during the home-buying process is an asset. United Heritage loan specialists are armed with valuable knowledge and experience to answer any questions you may have along the way. Whether you're a first-time home buyer or a seasoned professional, a United Heritage loan specialist's goal is to make the process as quick and easy as possible. When you're ready, learn more about UHCU mortgage loans and start the home buying process.
Ready to buy a house? Explore your mortgage loan opportunities today.