There are certain steps homebuyers must take before they buy a home in order to have a successful purchase.*
What are the steps you need to take before buying a home in our market?
First, you need to get your credit checked and make sure it is high enough for you to qualify for a loan.
Next, start saving for a down payment.
After that, you will want to get pre-approved by a lender. The lender will help you determine what your buying power is and get you started in the right direction. The last thing we Realtors want to do is show you a bunch of $500,000 homes and get you excited only to find out later you can only afford a home in the $350,000 range.
Once that is done, consult with your lender about any down payment assistance programs that might be out there. There are a lot of great programs available for first-time homebuyers, so it is worth it to at least check it out.
Also, you should consider attending Alaska Housing’s first-time homebuyer seminar. This class will give you a good idea of what to expect as a first-time homebuyer. If you decide to use them as your lender, they will also reduce your rate by 0.25%. That discount can really add up over a period of 15 or 30 years.
The other thing you want to do is to start looking at different neighborhoods where you might want to live. Do this before you start looking at specific homes because your opinion of a certain area might change once you learn important details about that area.
Lastly, it is always a good idea to visit open houses so you can get an idea of what is out there and what you can afford to buy. If you give us a call, we can set you up with an email notification that will alert you every time a new home comes onto the market.
If you have any other questions or you are ready to start the home buying process, please feel free to reach out to us. My team and I would love to help you from start to finish.