Buying a Home in 2017?

If you are thinking of buying a home in 2017, you may want to get an early start.  January & February are typically slow sales months in real estate.  This is primarily due to the harsh weather that most of the country endures.  It does make it an ideal time for buyers since there is less competition but inventory is not much lower than in the Spring.  Here are some suggestions to ready yourself for a home purchase.

1. Check Your Credit Score
Your credit score is a number that represents your creditworthiness.  The number typically ranges from 300 to 850.  There are a number of companies offering a free credit report, but you can also request a free copy from each of the 3 major reporting agencies (Equifax, Experian & TransUnion) once a year.

2. Don't Make Any Major Credit Changes
Opening new charge accounts, closing accounts, changing jobs,  applying for a car loan....these can all effect your credit score and could impact your home purchase.

3. Keep Tabs on Interest Rates
Experts have said that mortgage rates are expected to rise in 2017, so the beginning of the year represents the best time to lock in rates before they get higher.

4.  Hire a Real Estate Agent
Look for an agent that is knowledgeable, responsive and listens to you.  You need someone who can assist you in reaching the goal of home ownership.

5. Find a Mortgage Lender & Get Pre-Approved
Where to begin?  You can start with your local bank.  Of course, your real estate agent can refer you to some as well.  It is best to compare several to see what they offer, costs, points and how long to close.  Once you choose a lender and get approved, you'll be able to show sellers that you really can buy their home.

Happy House Shopping!


Popular Posts