I am looking to buy a home! Where do I start?

The famous question: "I am looking to buy a home, but not sure where to begin!"

This is common, and don't feel ashamed if you really do not have a clue of your first step when buying a home. I am here to help!

Step 1: I feel this step comes before you are even considering buying a home, so maybe this is step 1/2. Pull your credit report! Figure out where you are. Most lenders these days require a 620 or higher in order to qualify for a mortgage. Start evaluating what items you may need to pay down. A good rule of thumb for a credit card, try not to utilize anymore than 20-30% of your available credit. Keeping this low, paying it off or down, and continued use will cause your credit score to spike. I am not a credit repair specialist by any means but I am speaking from personal experience on this.

If you don't have a credit card, get one, and do what I stated above! You will be surprised how quickly your score will go up.

Always remember to pay all outstanding credit on time.....I cannot stress the negative impact this has on your credit.

Another thing you should be doing is making sure you have enough funds for your down payment and closing costs. You can estimate a down payment as follows: 3.5% for FHA, and 5% for Conventional (3% with really good credit).

Your closing costs on average will be an additional 3-4%. Be prepared!

Example: If you are purchasing a $200,000 home, you can anticipate between $14,000 - $16,000 out of pocket to cover your down payment and closing costs.

I feel like this was a lot of info, and many of you may have more questions specifically related to this topic, so I think I will stop here and continue the next steps in another post.

Please call me at 239-465-3934 for any questions.

#RealEstate #FirstTimeHomeBuyer #FortMyers #FortMyersFLHomes #HomesforSaleinFortMyers

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