Did you start the first of the year by shopping for your first house? If so, congrats! Buying your first house is a great financial step to take. If you’re just getting started with the process it might all seem very intimidating, but here are a few tips that should make things a little easier.
- Get Your Credit In Order– Your first step should be to check your credit score. There are plenty of free tools you can use to do this, just make sure it won’t count as a hard check on your credit. If you see something wrong or need to pay something off, do it ASAP. It takes a very long time for your credit score to update and the last thing you want to do is wait for the credit bureaus to clear your name before the bank will give you a mortgage.
- Shop For Mortgage– Once your credit looks nice and pretty, you can start shopping for your mortgage. Try to get at least three different quotes so you can have some comparison. If you weren’t able to clean up your credit enough to go through the banks, check with the Federal Housing Administration for an alternative loan.
- Get Pre–approved– This is a document stating that the bank has already done a lot of leg work for the mortgage application and they have approved you for a certain amount. Sellers love seeing pre-approval letters because it means there shouldn’t be any hiccups during closing. It will also alert you if there are any lurking problems so you can address them before you try to close.
- Use a Realtor– They don’t cost anything to use as a buyer, so what do you have to lose? Having an unbiased person, who has tons of experience, on your side will be a huge help. Realtors know a deal when they see one and they can help steer you clear of a potential money pit.
- Be Flexible– Remember that your first home isn’t going to be your forever home. Make a list of things you have to have and another list of things that are nice to have. Once you have your lists, show them to your realtor and see if you’re being realistic based on your budget. The reality is that you’re probably not going to get everything on your wish list with your first home, so be ready to compromise.
Once you’ve done all of this, contact Perry Hood Properties to see all the available homes we have in the Tulsa area.