If you are thinking about buying a new home in Boise or one of the many beautiful surrounding areas, you are not alone! The real estate market in the Treasure Valley isn’t showing any signs of slowing down. But before you continue too far through the home buying process, we have some tips to help you avoid common home-buying mistakes.
When applying for a home loan, one of the first steps a mortgage lender will do is check your credit score to see if and for how much you can qualify. So, before you start looking for a new home, order a credit report, and take a look at your credit score and history. Make sure what’s being reported is correct and current. If you discover errors in your report, it can take time to correct, so it is a good idea to get this step taken care of first. Here is a link to another blog post that goes into more detail about your credit score and how to request your credit report for free. – https://capitalmortgageboise.com/deconstructing-your-credit-score/
Homes are selling fast, so if you don’t have your mortgage pre-approved and ready to go, you might lose out on an opportunity. If you haven’t yet been pre-approved call us today, and we’ll get you taken care of. Our mortgage approval process is fast and stress-free. Call 208-854-7800 or contact us online.
There are more costs to consider when buying a home, other than just the down payment. Closing costs, appraisals, inspections, insurance, and even moving costs should be calculated up to make sure you have enough money available to cover them. It is better to save for a few more months that get into a situation where you have to back out.
It’s easy to get carried away with the excitement of buying a new home, but ending up with a payment that is more than you can really afford, can turn all the wonderful benefits of owning a home into a nightmare. Many financial planning experts suggest that a house payment should not be more than 25-30% of your take-home pay. Don’t forget to include PMI, Insurance, and taxes that will be included in your payment. A good mortgage calculator will give you an estimated breakdown.
Even for a new or newer home, order a home inspection from a qualified professional. The few hundred dollars that it costs for the inspection, can save you from potential disasters later on. The more informed you are about the condition of the house, the more you will be able to negotiate on price or even decide if it is the right home for you.
There is a lot of information to consider when buying a new home, and we hope these few suggestions will help. If you any questions about a home loan, or if would you get pre-qualified, please give us a call today, 208-854-7800