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Buying a Home? Read This First

If you are a first-time home buyer, the entire home buying process may feel somewhat overwhelming to you. That is completely understandable because it can be a complicated, legal process. At McCaleb Homes, we are very familiar with what all goes into buying a home and we want to share some tips with you so that you can successfully navigate the process.

Tend to Your Credit Score

In preparation for buying a home, you should know your credit score and take the time to improve it if needed. Your credit score is extremely influential and can either help or hurt you. What kind of credit scores should you aim for? Well, an okay one is between 620-680, a good one is between 680-740, and a great one is anywhere above 740.

Get Pre-Approved

One of the best things you can do before you even get started looking at houses is to get pre-approved. Talk to a trusted lender and they will provide you with a pre-approval letter. With this, you will be able to go forward knowing exactly what kind of house you can afford, as well as address any obstacles, like student loans.

A pre-approval letter can be particularly helpful in competitive markets. This way, you can show the seller that you are serious and ready to move forward immediately.

Consider Your Down Payment Options

One of the biggest hindrances to home buying is finding a way to offer a 20% down payment. And while there are advantages that come along with a 20% down payment, it is not the only way to go. Especially as a first-time homebuyer, there are aids available to you. First-time homebuyers in general offer 3-5%, while repeat buyers offer 16% on average. So, talk to your lender to determine what you can comfortably put down.

In the end, having a trusted lender, Realtor, and knowing a few key components to the process can make it all a smooth one. If you are already in the market for a home, why not stop by our available homes page. We are sure you will notice the difference in our thoughtfully built homes and communities.


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