With the housing market on an upward trend, more people are thinking about moving. Before buying or selling a home, consider these steps.
1. Review your credit.
Most people need a mortgage to purchase a house. Make sure to get your credit report a few months before house hunting. A free annual credit report is available from Annualcreditreport.com. Check the report carefully for any incorrect facts. Reviewing your credit and fixing any problems now will save you time and stress when applying for a mortgage.
2. Get pre-approved before house hunting.
Many real estate agents request a letter of approval for a mortgage before helping find a house. Getting pre-approved puts you in a better position to make a serious offer when you’re ready. Also, mortgage requirements have changed over the last three to five years, so it’s important to understand the current eligibility requirements for financing.
3. Do your homework.
Shop around and compare homes in your price range before making an offer. A good real estate agent will help guide you through the house hunting process, but it’s wise to also do your own research. In particular, look at sales trends for similar homes in the neighborhood and take that information into account when deciding how much to offer for the home of your choice.
If you’re preparing to buy, our mortgage specialists at Community Financial Credit Union can help you get pre-approved for free today. Speak with one of our mortgage specialists today.
Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.