Everybody wants to find the home of their dreams, but many go about it the wrong way. People don’t realise they are doing it wrong, but when you think about it logically, it’s obvious that they are. Why would you go hunting for your dream home before you even knew that you would get accepted for a mortgage? It’s the backwards way to go about this. Here’s the proper way to make sure you get your dream home:
Make Sure You Can Get a Mortgage Before Looking
Before you begin searching for the perfect home, you need to make sure that you can get accepted for a mortgage. Not only will this leave you in better stead when you come to put an offer in on the house, you then know exactly how big a mortgage you can get. But remember; you might be able to get a big mortgage, but do you want one? You need to be comfortable with the mortgage you’ll be paying, and take into account what you’ll do if interest rates were to go up or your situation were to change.
Put in an Offer
When you have been accepted for a mortgage and you know what you can afford, put in an offer on your dream home. Sometimes you can afford to offer a little lower than the asking price, but don’t be cheeky. The seller may resent you and refuse to sell to you anyway. If you can’t get it any lower, at least you tried. You may be able to at least get some extras thrown in, so enquire about those too.
Have Your Deposit Saved and Ready to Go
Of course it helps if you have all of your deposit saved and ready to go. In fact, having more than you think you need saved will be beneficial, as you’ll need to pay for surveys, solicitor’s fees, and more. Things always pop up when buying a house.
Have 6 Months Mortgage Payments to Back You Up
As well as your deposit, estate agents in Mickleover recommend that you need to have at least 6 months mortgage payments to back you up. This isn’t compulsory, but you’ll look far more attractive to lenders and you’ll be fully prepared for anything that might come your way.
Improve Your Credit Score
Your credit score plays a big part in your mortgage application. Take a look at it on one of the major sites, like Experian, and work out ways in which you can improve it. Pay all of your bills on time, paying off any outstanding debts, and disputing mistakes are all popular ways to improve your credit score. Many people don’t realise that they have mistakes on their record, so make sure you check this out and dispute it.
Buying a house can be a long, grueling process, but you shouldn’t disappear. By this, I mean go on holiday or ignore your phone for a few days. It’s essential that you answer/return every call and be as easy to work with as possible.
Now, go out there and get your dream home!