Ultimate Guide to Home Buying

Saving for down payment

When buying a new or previously owned home for sale in Fort Wayne, IN, it’s important to be prepared. Making a real estate purchase is time consuming and requires several steps. Whether you’re a first-time buyer or you’ve been through the process several times, it’s always a good idea to have a home buying cheat sheet. Read through the information to make sure you’re up to speed on all the steps for purchasing your next home.

Start Saving for Your Down Payment

Most lenders want you to have a down payment of at least a 20%. This money can come from savings or from the sale of the home you live in currently. There are some lending programs that let buyers purchase a new home with nothing down or as little as 3%, but it’s not standard.

Check Your Credit Score

Your credit score is what lenders look at when selecting an interest rate for your loan. If you have any credit issues bringing your score down, you should work on fixing those problems before applying for a home loan. A better credit score gets you a better rate, qualifies you for more money, and can save you money on your monthly payment as well as shave off thousands of dollars in interest payments.

Get Preapproved for a Loan

Before you start looking at any homes, you want a preapproval letter from a lender. Most contracts can’t be initiated without this letter. Having preapproval status shows homeowners you’re not playing games. Offers that have a preapproval letter attached to them are taken more seriously.

Choose a Real Estate Agent

It’s always a good idea to work with a seasoned real estate professional. You need an expert negotiator on your side to help you get the best deal. Don’t try to manage buying a new house without their help.

Make a List

What are the key features you want in your new home? Write these features down and use this information to narrow the search field. Why waste your time looking at a home for sale that doesn’t have what you need? Creating this list will save you a lot of time.

Real estate agent showing couple home

Decide between New and Pre-owned

Will you be buying an existing home or building a custom home? Don’t worry if you change our mind during the home search process. Many people have found that they can get more of what they want for less building a home from the ground up. On the flip side, many buyers have changed their minds about custom building when they realize the timeline to build doesn’t fit their timeline to move.

Single Family or Multi-Family Home

Do you want a single-family home or are you interested in a multifamily home? Each of these homes comes with their own sets of pros and cons. Before you begin your home search, consider which type of home suits you and your family best.

When you’re ready to look for homes for sale in Fort Wayne, IN, check out the large inventory of available homes from Lancia Homes online at https://www.lanciahomes.com/homes-for-sale.