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5 Things To Do Before You
Buy Your First Home

Buying a home is a unique process that most people don’t go through a ton of times. As a first-time buyer, you want to move carefully so you don’t miss any important steps. Here are 5 things you should do before buying a home.

1. Check your credit history

Your credit score is one of the main factors affecting your home financing options. Simply put, a good credit score means you'll get better loan terms. Here are 3 steps related to your credit history you should consider.

  • Get hold of your credit report. You can get a copy of your credit report for free every 3 months. You can usually access your report online within 1-2 days of requesting it. The credit rating part of the report indicates what rating category your credit score puts you in.
  • Check your credit report for inaccuracies. Your credit score is calculated based on the number of credit applications you've made, the amount you've borrowed, and, of course, your payment history. If you notice any discrepancies, contact the relevant agency for correction.
  • Finally, see how different credit score ranges affect loan terms. If there's a possibility to improve your credit score, you may want to take those steps before buying a property so you get better mortgage terms.

2. Decide on a budget

After understanding your loan options, decide on how much you can afford to spend. This involves two major steps:

  • How much can you afford to pay as the down payment?
  • What are the home ownership-related costs other than the down payment – repair and maintenance costs, association fees, agent fees, etc.
  • How much monthly or fortnightly repayment can you make?

3. Consider getting pre-approved

Pre-approval means that the lender agrees to lend you money but hasn't given final approval. Pre-approval gives you an idea of how much banks are willing to lend. Homebuyers usually apply for pre-approval once they have done some preliminary research. This means they know about their budget and the neighborhoods they like.

4. Discuss the specifics of the home

If you're going to buy a home for your family, it's always a good idea to discuss the specific home features everyone would like. Also, there is a range of residential properties, from townhouses and traditional single-family to large houses and apartments. Deciding the features will help you streamline the whole home search process.

5. Have a look around

Don't settle for a property without looking at other options. Also, use as many resources as you can in your search. A good real estate agent can help you a great deal with locating properties and negotiating the purchase process.

Loans by Reliiance Financial Solutions

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