How to keep your dream of homeownership alive
While the Coronavirus may have many of us sidelined right from our usual activities, you don’t have to press pause on your real estate plans just because you’re staying home.
Here are a few things you can do right now to keep your home search on track, so you’re ready to go when this health crisis is over.
1) Check your credit
Your credit score can impact the interest rate you qualify for. You can request a free copy of your credit report from any of the three major credit reporting agencies. Review it carefully and check for discrepancies. Work on improving your score (by paying down credit card debt, for example), and avoid taking out large loans during this time.
2) Keep Saving
If possible, continue setting money aside for your down payment. The minimum down payment is generally 3-3.5% of the purchase price. You’ll also need funds to cover closing costs, moving and other expenses.
3) Virtually connect with an agent
It’s important to start working with a trusted real estate advisor, so you’re ready to move quickly when it’s time.
4) Do your research
This is a great time to investigate down payment assistance programs in your area, especially if you think you might benefit from a Lowe down payment option when you make your home purchase.
5) View listings online
You may not be able to check out homes for sale in person right now, but you can still look online for what’s available in your area. Use virtual tours and listing to take note of your favorite must haves in your next home.
6) Get pre-approved
If you think you'll be ready to buy in the next 60-90 days, you can start the pre-approval process. A lender can help you determine how much you can afford and get you pre-approved for a loan.
In Conclusion:
Don’t put your dreams on hold. This may still be your year to buy a home, if you have questions we’re here to help you through the journey.