Use this checklist to get your ducks in a row now that you've decided to look for houses for sale London Ontario in the new year. Before you start looking for a house, now is the time to get a handle on everything you'll need.
Houses For Sale London Ontario – Checklist
High Credit Score
From your first credit card to your most recent student loan, you've been building a credit history — and thus a credit score. With a range of 300 to 900, the higher your number, the better when looking for the best mortgage rate. Check your credit score now and hope it is high, as this could lead to a lower mortgage rate when looking for houses for sale London Ontario.
Top-Up Time
While you may have saved enough for a down payment on your first home, have you considered unforeseen costs? Now is the time to replenish your savings account in preparation for emergency expenses, property taxes, home inspections, and mortgage application fees. When looking for houses for sale London Ontario, always plan ahead of time.
Interest Rates
Prime mortgage rates fluctuate year after year, depending on the financial landscape — for 2022, they're expected to rise, but we'll have to wait and see how covid affects the market. Your rate will be determined by a variety of factors, including your overall debt load, asset value, and mortgage length. Examine current interest rates and use an online mortgage calculator to determine what monthly payments you can afford for your first home. Before looking for houses for sale London Ontario, get a handle on your finances.
Lend Me Your Ear
Once you've determined what's feasible, it's time to look for a mortgage lender who can provide you with hard numbers. Your bank is a good place to start because they will be able to recommend a company or individual that they have confidence in. Inquire about first-time homebuyer plans or kickbacks, the length of time it will take to be approved, and the fees.
Approval Ratings
It's time to get preapproved after you've found a mortgage broker you like and who offers you good terms. When it comes to buying your first home, having a preapproved mortgage allows you to act quickly when the perfect property comes on the market. This process may take some time, so begin gathering the necessary documents as soon as possible.
Right Agent
Because you're about to sign a large financial transaction, it's critical to find a real-estate agent with whom you feel comfortable working closely. Talk to friends and family to see if they have any recommendations, but don't settle right away — shop around. Before searching for houses for sale London Ontario, set up a meeting with two or three different agents to get a sense of their customer-service style and see if you're a good fit.
Closing Time
This buying checklist also includes a few "don'ts," or things to avoid when looking for your first home. Avoid getting a new credit card because it counts as an existing line of credit and may be considered in your mortgage application. Don't fall behind on any other debt payments, and don't change jobs; both of these things could jeopardize your loan chances. Also, don't go overboard — consider how much money you'll need in 2022 to buy yourself that fantastic present.
When it comes to finding your dream home, having everything you need on hand will make the process go much more smoothly. Closing on your first home in 2022 will be a breeze if you plan ahead of time and go through this handy checklist.
Looking for Houses For Sale London Ontario? Search MLS listings today to find you next dream home. Contact Realtown owner Yasir Khan, Sales Representative at RE/MAX.
