When you’re buying a home, whether it’s a house for sale in Briarwood, a home for sale in Grassland Estates, or a home for sale in Greathouse, these are the first seven steps you need to take to get started.
7 Steps to Take Before You Buy a Home in Midland
- Make a wish list.
Start looking at Midland real estate listings and narrow down the features you want into a concise list. You’ll save a lot of time if you know exactly what you want.
- Figure out your debt-to-income ratio.
Your debt-to-income ratio is how much you make compared to how much debt you’re paying on each month. To figure it out, add up all your monthly debt payments (your current mortgage, credit card payments, student loans and vehicle loans – not your utilities or groceries) and divide it by your gross monthly income.
- Check your credit score.
Get a free copy of your credit report (thanks to the FCC, you’re entitled to one copy each year) and see what your score is. Check your report for errors, too, and if you find any, file disputes with the appropriate agencies.
- Pay down debts.
If you owe on credit cards or anything else, work toward paying down your balances before you apply for a mortgage. This can have a huge impact on your debt-to-income ratio and your credit score.
- Explore your loan options.
Start learning about FHA loans, VA loans if you’re eligible, and Fannie Mae or Freddie Mac loans. The more you know about your options, the better off you’ll be.
- Stock up on your emergency fund.
Make sure you save more toward emergencies – experts suggest saving between 6 and 12 months of living expenses – because buying a house is a financial drain. You never know when you’ll need the cash.
- Apply for mortgage preapproval.
When you’re preapproved for a mortgage, you’ll get a clear picture of exactly how much home you can afford. Besides, preapproval gives you the ability to jump on a great deal when you find one and increases your chances of having an offer accepted by a seller.
Are You Buying a Home in Midland?
Call our team of Midland real estate agents at 432-698-0411 today.
If you’re looking for a new home, search by school district or search Midland real estate listings by price:
- Midland homes for sale between $150,000 and $200,000
- Midland homes for sale between $200,000 and $225,000
- Midland homes for sale between $225,000 and $300,000
- Midland homes for sale between $300,000 and $400,000
- Midland homes for sale between $400,000 and $500,000
- Midland homes for sale between $500,000 and $750,000
- Midland homes for sale between $750,000 and $1 million
- Midland homes for sale over $1 million