Before you start house hunting, it’s important to think through your mortgage options. Most buyers need financing to purchase a home, so preparing early can make the process smoother and more successful.
Build Credit Early
A strong credit score is key to qualifying for a mortgage and getting a good interest rate. Even if homeownership is a few years away, start building and maintaining good credit now.
Start Saving and Set a Timeline
Begin saving for your down payment and set a realistic goal based on your income. Not everyone can put down 20%, however many programs allow for 3.5% or 5% down with strong credit. Just be sure to keep some cash on hand for unexpected home expenses and closing costs.
Choose the Right Loan
There are many types of loans, so consider how long you plan to stay in the home and how much you’re comfortable paying monthly. Use online mortgage calculators to estimate payments and understand how much interest you’ll pay over time.
Talk to Us!
Once you have a sense of your budget and goals, let’s talk about your plans! We can help make sure your expectations align with what’s available in the market and we’ll walk you through the home buying process every step of the way. We also work with excellent lenders and are happy to recommend someone who’s a great fit for your needs.
And always remember, if you or your friends or family have real estate needs, we are your Boise, Idaho and North End real estate experts. To search for your next dream home, click here.
