Put away the holiday decorations and get ready for 2020. It is time to set those resolutions and usher in the New Year’s. If you have been thinking about buying a new home, then set your resolutions to help you achieve this goal. As your premier agent for all your NOTL real estate needs, I would like to share the following helpful New Year’s resolutions that will help you find your dream home in 2020.
Ready, Set, Save
Like any big purchase, it is essential to begin saving for a home. These savings are your down payment and combined with your mortgage will be the total amount that will be used toward the purchase of your home. The sooner you start saving, the better and the larger your down payment is, the more expensive of a home you can afford or the smaller the amount you will have to borrow.
Another important resolution that will go a long way when it comes time to purchase your home is to develop a strong credit rating. A strong credit rating is essential when you are looking to get a pre-approved mortgage and it also shows the lender that you are serious and can be trusted. The stronger your credit rating chances are the lower the interest rate attached to your mortgage. A strong credit rating is attained by doing the following:
- Paying off all your monthly bills on time.
- Paying off the total amount of credit borrowed each month.
- Never maxing out your credit limit.
Set a Budget
With a strong credit rating and a down payment, the next step is to approach a wide range of lenders and get a pre-approved mortgage. This amount will depend upon a wide range of variables, but it will give you a better indication of what type of property you can afford. Try to go with the lender who will give you the lowest interest rate as you will have to pay back the entire amount.
Your down payment and your pre-approved mortgage amount will give you a good indication of the price range of homes that you should be looking at. When you are viewing homes, be sure to consider your immediate needs as well as your future needs and try to find a home that fits both. Be sure to find a real estate agent to help you with finding that perfect home as they will be able to show you properties that you may have never considered.
These simple yet effective New Year’s resolutions will have you on the right homebuying track. If you would like more information on any of these resolutions or are interested in viewing some of the new and exciting properties available in and around the NOTL area, please contact me today. I would love to help you find your dream home this year. I look forward to hearing from you soon.
Happy New Year’s from Niagara Homes