Getting ready for home buying

Home buying probably ranks as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It's important to anticipate the steps required to achieve your housing goal successfully and to build a plan of action that gets you there.

Before you can build a plan of action, take the time to get your ducks in a row for your decision-get things lined up.

First, ask yourself how much you can afford to pay for a home. If you're unsure about the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford, allowing you to look for homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect but are not in your price range. Be sure the payment can be incorporated into your lifestyle. Do you pay for daycare? Will you need a new car in a couple of years? Are you planning on starting a family?

Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:

convenience for all family members
proximity to work, school district
the crime rate of the neighborhood
do you need one story or two
to daycares, gym, and grocery store
local transportation if needed
types of homes in the neighborhood, for example, condos, townhomes, co-ops, newly constructed homes, etc.
how long do you plan to occupy the home? Does it work in say, 3 years

Once you have your pre-approval letter in hand and know exactly what you are shopping for, it's time to enjoy the home buying process.

Happy Shopping!

Written by Patricia Eubanks, Vice President