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  • Writer's pictureKimone Vassell

The Vasco Team: Pro Tips for Buyers

A successful homebuying experience is all about getting the details right from start to finish. We choose to work with both Buyers and Sellers because we strongly believe working with both parties helps us keep great perspective on the current real estate market.

1. Start saving early

Here are the main costs to consider when saving for a home:

  • Down payment: Your down payment requirement will depend on the type of mortgage you choose and the lender. A small down payment can be challenging to save. For example, a 3% down payment on a $300,000 home is $9,000. You can use a down payment calculator to decide a goal, and then create a plan of action for beginning to save.

  • Closing costs: These are the fees and expenses you pay to finalize your mortgage, and they typically range from 2% to 5% of the loan amount.

  • Other expenses: You'll need some cash after the home purchase to move in, home repairs, upgrades and even furniture to furnish your home.

Source: NerdWallet

2. Decide how much home you can afford

Determining how much home you can afford depends on setting a price range based on your income, debt, down payment, credit score and where you plan to live.

3. Check and strengthen your credit

Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer.

4. Explore mortgage options

A variety of mortgages are available including:

  • Conventional mortgages

  • FHA Loans

  • USDA Loans

  • VA Loans

You also have options when it comes to the mortgage term:

  • 30-year fixed-rate mortgage

  • 15-year fixed-rate mortgage

5. Get a preapproval letter

A mortgage preapproval is a lender's offer to loan you a certain amount under specific terms.

6. Choose a real estate agent carefully

A good real estate agent will help you find a home you love. But, a great real estate agent will not only help you find a home you love but they will walk with you through every single step of the journey to ensure that you are informed, equipped, and ready to step into this next exciting phase of your life as a homeowner.

Are you currently looking to buy a home? If so, connect with us at the Vasco Team. We would be honored to help walk you through this life changing journey.

Call us: 203-600-6819

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