Keep your finger on the pulse of the real estate market - get FREE real estate listings sent to you by email as they become available or search for listings using the tool provided below:

5 THINGS YOU SHOULD DO BEFORE BUYING A HOME

Buying a home in during these challenging times requires forethought and planning.  Here are a few of the steps you need to take to get yourself prepared to buy a home.

1.  KNOW YOUR CREDIT SCORE:  Run your free credit report from www.annualcreditreport.com for all three credit agencies.  The higher the credit score, the better your loan terms will be.  If your credit score is below 650, consider strengthening your score before you buy a home.  Call us today at 317-596-9066 to get a free report on how to improve your credit scores quickly.

2.  SAVE MONEY FOR THE DOWN PAYMENT AND CLOSING COSTS:  Buying a home can be very expensive however there are some special programs that can make it very affordable in certain circumstances.  FHA loans will required as little as 3.5% down plus closing costs however, conventional financing may require a much higher down payment.  Certain other loan programs such as VA loans required no down payment.  Each situation is unique.  This is why you need to work with an experienced real estate professional.  Call us today so we can help you determine how much money you will need to save.

3.    DETERMINE HOW MUCH YOU CAN AFFORD AND HOW MUCH YOU ARE WILLING TO SPEND:  How much you can afford and how much you can spend are not always the same thing.  You may be able squeak by and make the payments on a new home but in doing so, not leave youself for any room in your monthly budget for the unexpected.  Often, families make the mistake of buying a home beyond their means just because the lender approved them for the loan.  Don't make the mistake of making yourself house poor.   We can assist you in determining the price of homes that will fit within your budget. 

4.  GET PREAPPROVED FOR A MORTGAGE BEFORE YOU SHOP FOR A HOME:  Preapproval shows to the seller that you have the ability to buy the home.  It also proves to your real estate agent that you are capable of buying and worth the agent's investment of time and money in assisting you in your home buying process.  The preapproval process is a fairly extensive but should give you the comfort you need to pursue buying a home with confidence.  Keep in mind, the amount that you are preapproved for is typically at the high end of the scale of the loan amount you should consider taking out to buy a home.  More often than not, we recommend you keep your final loan amount comfortably below the preapproval amount.  Call us today at 317-596-9066 to get a list of mortgage professionals in your area who can help you with the preapproval process.

5.  PUT TOGETHER A LIST OF THE "MUST-HAVE" AND "WOULD LIKE TO HAVE" FEATURES FOR YOUR NEW HOME:  Your real estate agent will work exclusively with you to find the home that will match your needs.  In order for the agent to find that perfect home, he/she needs to get a good understanding your needs.  It is important for you to help the agent understand the "must have" features of the home as well as the features that are not a critical but you would "like to have".  Consider things like location, number of bedrooms, number of bathrooms, age of the property, size of the property both inside and outside and any other special needs or wants you may have.  We can help with this process.  We are very experienced in helping buyers identify their most important needs and desires for their new home.  Call us today!

These 5 things are just a few of the many things you need to consider before purchasing your new home.  Please give Frank a call today at 317-596-9066 to schedule a time where I can discuss your particular needs in greater detail.