Three Steps to Success When Buying a Home This Spring

Three Steps to Success When Buying a Home This Spring

Posted on March 16, 2016

Mortgage rates are very low and home prices are stable or rising in the San Joaquin Valley, so to get a leg up on the home buying competition Self-Help Enterprises recommends prospective homebuyers follow three simple rules to help make one of the biggest purchases you make go smoothly.

1. Consult a housing counselor for a homebuyer check-up
   You don’t want to search for a home unprepared. Knowing the numbers that matter when buying a home is extremely important to save time, frustration and lead to the best choice. More than two-thirds of consumers in a NeighborWorks America survey said that the home buying process is complicated. Demystify the process and by consulting with one of Self-Help Enterprises’ housing counselors. Our staff are certified professionals who could walk you through the different types of mortgages and interest rates; the effect credit scores have on being approved for a loan, how much down payment is needed for purchase, and how much home is really affordable.
2. Build a budget
   Knowing your numbers is one thing, having the roadmap to get you there is another. There’s no better tool to chart your course than with a budget. National surveys have shown that less than one-third of consumers have a budget. Going into this home buying season with a budget that includes potential changes in commuting costs after purchase, home maintenance expenses, and even estimates for changes in life circumstances such as becoming a parent or paying for college, will give you a leg-up on the competition and provide peace of mind.Once all the numbers are on the table, it’s easier to see what type of home suits a family’s budget and needs, what might be necessary financial trade-offs, and what could be a direct line to trouble.
3. Be determined and informed
   Finding the right mortgage and the right home takes time, and it’s natural to want to shorten the process. However, making a winning bid on a home that isn’t right, and cutting corners to do so, could lead to trouble. For example, forgoing a home inspection to speed things up, or not fully understanding the terms of the mortgage are ingredients for problems down the road.

Following these three tips will help ensure homeownership success this season and for the long run. To see an animated video describing more about the numbers to know, go here.