December 23, 2021
As we welcome a new year, there is no better time to hit the “reset” button and take stock in how you can improve yourself and your surroundings. This can be especially true if you’re a first-time homebuyer looking for ways to put yourself in the best possible position to purchase a home this coming year. With that said, let’s highlight five New Year’s resolutions that will help you buy your first home with confidence in 2022.
1. “I’m not going to make any large purchases.”
Buying things like a new car, appliances, or jewelry are to be avoided when you’re in the middle of the mortgage process. Why? Lenders prefer not to see any credit inquiries – and especially new lines of credit – on your account during this period. This can alter your credit score and debt-to-income ratio. Plus, it certainly makes sense to save more and spend less when preparing to buy your first home.
2. “I’m going to find the best agent for my needs.”
You deserve the best real estate knowledge possible, so choose an agent who understands your desires and is familiar with the area in which you’re looking to buy. Often, the most successful real estate agents communicate clearly with their clients, utilize the latest technologies, and understand the ins and outs of negotiating. We suggest reaching out and talking to a few agents to see who aligns with your values and goals.
3. “I’m only going to look at homes within my budget.”
Sure, it’s fun to gaze at fancy online listings, but you're not doing yourself any favors if it’s way outside of your price range. Since this is your first experience, only narrow your search down to homes you are sure you can afford to figure out what you can and cannot live without. Being financially comfortable after the purchase of your home is just as important as finding the home itself.
4. “I’m going to get a Premium Mortgage Corporation pre-approval.”
A pre-approval with Premium Mortgage Corporation can give you an advantage over other potential homebuyers because it proves to sellers that you've got financial backing through us. Pre-approvals are supported by official documentation, and when approved, you'll receive an official letter of commitment. It also signals to the seller that there will be few, if any snags to the purchase – and that the whole process will be more seamless if they accept your offer. In a competitive market, a pre-approval is a must.
5. “I won’t lose hope.”
It’s no secret the real estate market is very competitive right now, but don’t let that deter you. Whether you’ve toured dozens of houses or put in and lost multiple offers, there is always more homes to see. Keep your chin up and know that the right home for you might be right around the corner.
Start the New Year (and soon-to-be first home purchase!) off on the right foot by reaching out to one of Premium Mortgage Corporation’s trusted Loan Officers today. They’re ready to put you on the path to homeownership in 2022.