One of the most important things to take into consideration when you’re looking for the perfect home in Barrie is timing. Many home buyers want to know when they should begin to look for financing. It’s essential that you start looking as early as possible so that you uncover any potential credit issues before hand so that you can take steps to improve them. Then when you are ready to actually secure your financing, you will be able to do so with minimal problems. You are more likely to get the home of your dreams if you have your finances in order before you begin searching.
Here’s the full timeline to help you plan ahead with your home purchase.
Three months ahead of an offer
Find a real estate you can work with. Meet with a few different agents so that you can get a feel for who you would like to work with. He or she will also be able to help you start getting your finances in line as you talk to a few lenders. You’ll have the opportunity to compare financing options and determine how much of a monthly payment and down payment you can afford. Be prepared to provide information that will enable the lenders to analyze your finances for pre-qualification. They may want to see your bank statements, tax returns, pay stubs, and other details. This will help establish a price range for the homes you want to begin looking at.
Two months ahead of an offer
This is the time when you’ll really start to look at homes. Make sure that you stay within your budget. A good real estate agent will help you do this. Also avoid making other major purchases during this period of time and avoid moving large amounts of money from account to account. You want your finances to remain stable so that lenders will be able to finance your home purchase.
A month ahead of an offer
By now you should have narrowed down your choices, hopefully to just a single home. Keep in mind that it does take one month to close on a home. This is also the time to nail down the financing deals with your lender. Don’t forget to obtain a pre-approval letter from the lender so that you can present it with your offer to the seller. This indicates to the seller that you already have financing lined up. It also makes your offer more attractive because they won’t be wondering if you have the financing to back up your offer. Many offers fall through because the buyer did not have adequate financing lined up ahead of time.
In some cases you may need a little extra time to get your finances in order if you need to repair your credit report.
Planning ahead is the fastest, easiest, and most efficient way to secure the home of your dreams. The more organized you are in the beginning, the more likely that you will be able to see your purchase go through.
Let the realtors at Your Choice Realty help you find the perfect home in Barrie. They’ll help you plan the entire process from start to finish, whether you’re buying or selling. They understand that timing is everything, and they sell many homes even before they are ever advertised. With a variety of commission options, the realtors at Your Choice Realty can help you buy the perfect home in just the right time. Call them today to learn more about how they can help.