Buying a house is a complicated financial and logistical process. The right preparation can make a huge difference in making the process go as smoothly as possible. Here is a list of the most important things to do before buying a home to help you prepare:
There are a few financials you should check on before working on finding a house. Your potential mortgage lender will look through every detail of your financial life, so the more you can address beforehand, the better. Things to consider include your credit score, debt-to-income ratio, emergency savings and regular cash flow.
The simplest way to budget for buying a house is to make a list of your current expenses. First, tally up your personal monthly expenses like credit card payments, loan payments, car payments and any other recurring expenses specific to you. Then, create a list of the expenses related to your new house. This list should include mortgage, property taxes, homeowner’s insurance and mortgage insurance payments. Comparing the two will help you determine how much house you can afford and how much to budget for.
Shopping for the best mortgage lender before you begin your home search is a great way to stick to your budget and have a smoother buying process. Each lender has different terms, policies and practices, so finding the best fit is crucial. Once you decide on a lender, get a pre-approval letter from them as proof you are financially responsible for affording a mortgage up to a certain amount. This helps secure your place in competitive home sales and will make you a more attractive buyer overall.
Working with a real estate professional during your home buying process will save you time and frustration. Find an agent or broker you want to work with first and rely on their expertise to find the perfect home. The knowledge and resources available to real estate professionals will make the search and purchase much smoother.
Terese Ferrara is a long-time resident of the Bay Area and has been a partner with The Goss Real Estate Group for many years. She and her husband raised their two daughters in San Jose, where she successfully continues to build her real estate career.
After earning a bachelor’s degree from San Jose State University, she went on to teach in the San Jose Unified School District for 9 years. Transitioning to real estate was a logical choice, utilizing her patient demeanor to educate all levels of buyers and sellers. Knowledge and experience demonstrate her vested interest in delivering the highest level of care and professionalism to every client. She consistently strives to exceed her client’s expectations throughout the entire real estate transaction and remains a trusted advisor long after each close.
As a board member on KW Bay Area Estates’ Associate Leadership Council (ALC), she aids in support of culture and professional development strategies for over 180 associates. Terese is also a Director for the Santa Clara County Association of Realtors Foundation, which supports community service initiatives in Silicon Valley.
Terese is the consummate real estate professional dedicated to providing unparalleled service to her clients through ongoing training and education, keeping her on top of the dynamic market and latest real estate trends. Her high-touch approach coupled with honesty and integrity support her commitment to her client’s real estate needs.
