Unlike buying cars or shifting to other apartments, most people purchase homes just once or twice throughout their lifetime. If you are planning to buy a home for the first time, the following are some of Kevin Seawright’s guidelines that will help you with that:
Check Out Your Credit Rating
If you have a good credit score, it will be easy for you to get a mortgage. Several lenders in the market use different formulas to determine how different eligible borrowers are. When providing a mortgage, lenders also check the ratio between your income and debt, the previous patterns of paying debts, your total current debt, among many other things.
Kevin Seawright, therefore, believes that it is essential to know your credit score before applying for a mortgage since you’ll know how to go about it.
Find a Suitable Broker
According to Kevin Seawright, although you may not be experienced in purchasing a home, several real estate brokers do. Therefore, you must engage one who will help you with the whole process. It would be best to be careful while selecting a real estate agent since buying a house is not something you will do again soon.
Ensure that you hire someone with experience in buying homes. Check out the reviews left by their previous clients and the number of successful deals they handle each year. Choose one who closes twelve or more sales per year.
Look For a House worth Less than the Amount of Mortgage You Get
According to Kevin Seawright, ensure that you have some money left from the mortgage amount that you get. That is because you may need to do some repairs in the house, which your property owner may have handled when renting your apartment. Compare several homes that you like and choose the one that goes for the lowest price. You will have found a house in a neighborhood of your choice and at an affordable mortgage amount.