Congratulations on achieving four start on your Homeownership Snapshot! You’ve reached a major milestone that indicates that you’re ready for the next step. You’ve got your financial ducks-in-a-row when it comes to your homeownership-related finances, savings are in place for your down payment and out-of-pocket costs, your credit score is in excellent shape, and your debt-to-income ratios and employment history are all within lender guidelines.
So now what? Four stars is great, but living under the stars is camping, not homeownership. Here’s what to do next:
Step 1: Get pre-qualified by your loan officer.
Your loan officer has been riding shotgun with you on your homeownership journey and is standing by as you shift in to active homebuying mode. Confirm your numbers with them and make sure that they are in the know so that they can remain in lock-step to support you with the information and confidence to close on your new home.
Step 2: Refine your home search.
Now that you’re well-prepared financially, review your homebuying criteria and confirm that it remains an accurate reflection of where you’re at and where you’re going. The homeownership journey can be an extended one and it’s not unusual for circumstances to change along the way. Another bedroom to accommodate one on the way? A bigger yard for your quarantine pup? A few miles west to be closer to your new job? Careful consideration now can save considerable consternation later.
Step 3: Engage a real estate agent.
You’ve confirmed the details and leveraged your Home Market Report to see how the market is trending as well as home search to spot new listings, but nothing beats a realtor when it is time to get serious. Regardless of how much time you’ve invested in following the housing market and spotting your next home, it pales in comparison to a Realtor that has committed their career and livelihood to the same. They live in the local real estate market and have lines into what is coming on the market and which way the winds are blowing. If you don’t know a good one, ask your Loan Officer for a referral, they work with many and can point you in the right direction.
With four stars in place, your loan officer and real estate agent at your side, and final confirmation on exactly what you’re shopping for, it is time to make your dreams a reality and take the next step to secure your future. There is still work to be done, finding the house is the next step but not the final one. Making a strong offer in a competitive environment, navigating the appraisal, and closing processes can present their own challenges – but you’re well on your way and the goal is in sight.
Congratulations on your achievement and happy house hunting.
