5 Tips for Buying a New Home

Land your dream home by following these tips.

If you’re in the market to buy a new home, follow these five tips from Lisa Duke Realty, LLC in Jacksonville, Florida to save you time and money and to land your dream home. Contact our office for home buying assistance and to learn more about our available homes for sale today!

Get Preapproved for a Loan

Mortgage preapproval is a way to determine how much money you are able to borrow in order to buy your new home. Many lenders offer this service and it’s a great place to start on your home buying journey. The preapproval process is quite simple, and will save you time in the long run:

1. The buyer fills out a mortgage application
2. The lender checks credit score
3. The lender checks income history and current information
4. The lender presents a preapproval letter
5. The letter offers a loan in a certain amount under specific conditions
6. The loan will expire after a certain period of time

Strengthen Your Credit Score

As soon as you decide you want to make a large purchase such as a house, you should work to strengthen your credit score. Even if it’s currently in good standing, you should try to keep up with payments, perhaps overpaying on them. In fact, if you have any outstanding payments that can be paid off in full, that will greatly boost your credit score. Even if you get preapproved and accept a loan, you can always work towards boosting your credit score even more and then reapplying for a better loan.
Save for a Down Payment
Once you have a budget set, it is recommended that you have 20% of the home’s purchase price in savings for a down payment. If you can’t quite save up 20%, try to save as much as possible for the down payment. While it’s possible to be accepted for and buy a home without a large down payment, it will grant you lower interest rates and fees and will help start you out with more equity in your home.

Research Neighborhoods

You’ve probably heard that real estate is all about location, location, location, and it’s true. Finding a neighborhood that resonates with you should be your top priority. Many neighborhoods have homes with similar themes, designs, and layouts, so finding a neighborhood that’s not only in the right part of town but also one that fits your taste, will be important.

Attend Open Houses

As a serious buyer, one of the best ways to sign on a new home is to attend open houses. Not only will the seller be impressed with your diligence to show up but you will also get the opportunity to directly ask them questions about the property. What’s more, at some open houses, the seller will actually allow serious buyers to make legitimate offers on the home – so attending open houses may be more worth it than you thought.

Contact Lisa Duke Realty in Jacksonville

Now that you know the insider tips on how to buy a new home, it’s time to start searching for the home of your dreams. At Lisa Duke Realty, LLC in Jacksonville, we’re here to help. Contact our office and let us know more about your home buying journey so far so we can assist you in getting preapproved, finding the perfect neighborhood, making an offer on a home, and more. Call us today!