5 Tips For Buying A Home In Prince George
Buying a home in Prince George is a profound experience that many of us will go through during the course of our lives. A first time home buyer is going to want to read on and learn more about the following tips. Buying a home can be an incredibly difficult process for a Prince George resident.
That’s why we are here to offer a number of helpful tips that will allow prospective home buyers to avoid all of the usual challenges that take place. Be sure to read on and learn more about these pointers that are designed to keep those who are buying a home in Prince George for the first time from making common mistakes.
1) Save Up For a Down Payment
The terms of the loan that we are going to receive are always going to be more favorable when we are able to provide a sizable down payment upfront. While there are programs that allow first time home buyers to make a purchase without having to spend a significant amount of money, most lenders will recommend saving up beforehand. A 20 percent down payment is the required amount in many instances.
2) Knowing Our Credit Scores
Don’t wait for the initial consultation with the mortgage lenders to find out everything that needs to be known. We need to be taking the time to do the legwork on our own. When it comes to a credit score, it is important to find out as much possible about our current status. This allows a prospective buyer to take a realistic approach to the process and avoid the difficulties associated with a lack of knowledge.
3) Cease All Credit Activity
In other words: this is not the time to be making any major purchases that have a noticeable affect on the nest egg that is going to be used to purchase the home. For example, the average mortgage lender is going to want to see that the money has been properly seasoned first. That means that we cannot be spending sizable amounts of money with the intention of replacing it just before the purchase is made.
4) Know What Is Affordable
By taking a closer look at our bank accounts and our credit scores, we are able to determine how much home we can afford and the neighborhood that we are able to live in. No one should ever be relying on anyone else to handle this aspect of the process for them. By taking the time to find out where we can live and how much home we can afford, we are making life easier for our realtor and avoiding any unwanted drains on our time.
5) Budget Properly
Some prospective homeowners will make the all too common mistake of budgeting for the down payment and forgetting the incidental expenses that are associated with the purchases. There are a number of fees that are bound to come up along the way and we need to budget for them. Closing fees, homeowner’s insurance and home inspections must all be factored into the closing fees before embarking on this process.
Buying A Home Prince George