Late spring to early summer is traditionally the most popular time of year to purchase a home. Typically, families wish to relocate when students are on summer break, and it’s just more enjoyable to go house-hunting when it’s not cold and dreary outside.
If you are one of the many who are hoping to finance a home purchase this summer, it’s recommended to begin the process now. Check out these Financial Literacy Month tips from Meritrust’s Financial Well-Being and Real Estate teams.
- Visit annualcreditreport.com to view your credit history through all three credit-reporting agencies. An unfixed credit reporting error or mistake can cost valuable time (especially in the competitive real estate market we’re in) if it prevents you from being approved for a mortgage loan.
- Begin saving money. If your mortgage program requires a down payment for your home, that money is usually required to be “seasoned”, meaning it must be in your savings account 60 days before you close. If you delay saving, you could potentially also delay your closing or cause you to have to walk away from a home purchase.
- Create a budget now so you will know how large of a home payment you can comfortably afford every month. This will help you and your lender decide the best path to take in financing a home.
- Get preapproved. Obtaining preapproval with your mortgage lender will give you peace of mind the price range (and the monthly payment) of the home you want to buy is in the range of your comfortability level. Also, with a hot housing market that often brings multiple offers on homes for sale, your purchase offer may be overlooked by a seller if another offer is accompanied with a preapproval letter and you don’t yet have preapproval from a lender.
- Interview real estate agents. Purchasing a home without an agent is like going to court without an attorney. They help you find a property that will work well for your needs, negotiate a fair price, and schedule necessary appointments like appraisals and inspections.
Purchasing a home is a big investment of your time and your money. Ensuring you have all of your bases covered before you search for your dream house will create a smooth path for your home purchase this summer.
Contact us for guidance
If Meritrust’s experts can guide you through the home-ownership process, please reach out to us. Our Real Estate experts are available by calling 316.558.5005. Apply online for a home loan at MeritrustHomeLoans.com.
Meritrust offers free financial education as a member benefit to help with building credit or developing a budget. If we can help you reach your financial wellness goals, please contact us at 316.252.8090 or [email protected].
Meritrust is an Equal Housing Lender. Subject to approval.
