Las Cruces Real Estate | Homebuying 101
We've all been pretty home-bound for the better part of a year now, which means you may have come to the conclusion that your current home just isn't working anymore. If you've had these thoughts and are thinking about purchasing a new home, but are unsure where to start, then this video is for you! Grab a pen and some paper because class is officially in session! Welcome to Homebuying-101!
There are 3 main steps when beginning the homebuying process:
(1) The first thing you want to do is get connected with a lender, whether that’s at a bank or a mortgage company. It is important that your first step is getting pre-qualified, that way you know your price range and what to search for. The pre-qualification is based on various factors such as your debt and income. Your lender will also provide you information about which loan type is best for you and your situation.
(2) Once you get pre-qualified, you need to start crunching some numbers. Getting pre-qualified for a specific amount doesn’t necessarily mean you have to spend that much on a home. You should take your pre-qualified amount and see what that would equate to as a monthly mortgage payment. Breaking the loan down to a monthly payment will really help determine your budget and what you’re comfortable spending on a home.
(3) At this point, you should have your needs and budget established, and be ready to start looking at homes. This is when you should seek out a realtor to help in your search. You can actually start your home search, right here, on zrealestate.com!
Let us know your feedback or if you have any other questions about the homebuying process in the comments, or feel free to contact us here.
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