Buying a house this fall can be a smart move. Currently mortgage rates are decreasing, and the fall season often sees fewer buyers, which can mean less competition and potentially better deals. Consider closing timing as a fall purchase could allow you to close before the holidays, making for a smooth transition.
Before you can sign off on buying your new home, you first need to take several key steps. Here’s a guide to help you through the process:
- Assess Your Finances
- Budget: Determine how much you can afford, including down payment, closing costs, and monthly mortgage payments.
- Credit Score: Check your credit score and improve it if necessary.
- Savings: Ensure you have enough savings for a down payment and additional expenses.
- Contact someone from the Core Bank team to help you get started with the mortgage process.
- Get pre-approved to strengthen your buying position.
- Research the Market
- Look into neighborhoods that interest you. Consider factors like schools, amenities, and commute times.
- Keep an eye on market trends in fall 2024, including interest rates and inventory levels.
- Find a Real Estate Agent
- Choose an experienced agent who knows the local market well. They can help you navigate the buying process and negotiate on your behalf.
- Start House Hunting
- Make a list of your must-haves and nice-to-haves.
- Attend open houses and schedule private showings.
- Make an Offer
- Once you find a suitable home, work with your agent to craft a competitive offer.
- Be prepared for negotiations.
- Home Inspection and Appraisal
- After your offer is accepted, arrange for a home inspection to identify any issues.
- The lender will require an appraisal to ensure the home’s value aligns with the loan amount.
- Finalize your mortgage application with your lender. Provide necessary documentation and stay in close contact with them.
- Closing the Deal
- Review all closing documents carefully before the final meeting.
- Pay closing costs and sign the necessary paperwork.
- Move In
- Plan your move and enjoy your new home!
Mortgage rates have hit their lowest point in over a year and a half and that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. If you currently own your home, contact us about refinancing.
Remember to stay informed with your mortgage loan originator and be flexible. Working with a knowledgeable mortgage professional can guide you through the process and answer any specific questions you may have. Core Bank’s team of lenders are committed to helping you achieve your dreams, whether you’re ready to buy, build or refinance your home. Contact someone from our team and apply today!