If you are a regular reader of the Norhill Realty Blog, you know that the Houston real estate market is on track to have a historic year. However, the holidays are here and 2022 is almost here. For those looking to buy a home in 2022, the holidays can be a great time for planning and asking questions. Below you will find a list of things to consider as you develop a plan.

Save money for your down payment

One of the biggest challenges in buying a home is saving for the down payment. Although most home loans are available without putting 20 percent down or more, you still will need to prepare to put down at least 5 percent or more. If you haven’t already, start setting aside the funds for your down payment.

Get a copy of your credit report

Lenders will be looking closely at your financial history when it comes time to apply for a mortgage. Before you begin your home search, get a copy of your credit report. If you find any errors, then take the necessary steps to have them removed. If your credit score isn’t as high as you would like it, then work on improving it before you begin contacting lenders.

Know what you can afford

Don’t start looking for homes before you understand how much you can afford. There’s nothing worse than struggling to make your mortgage payment each month. There are many online calculators available that can help you determine how much house you can afford. This way, you can tailor your search to make sure you’re looking at homes that are within your means.

Get clear about what you’re looking for

Once you start shopping for a home, the choices can be a little overwhelming. For this reason, you should make a list of what you’re looking for in a home before you begin your search. Include things you know you must have, such as a particular neighborhood or a backyard. You can also include things that would be nice to have but aren’t deal-breakers like a backyard pool or space for a home gym. Knowing your priorities will make it easy to act once you find the home that fits your needs.

Shop around and get pre-approved for a mortgage

Mortgages are just like any other big expense in that you should shop around for the best deal. Ask about interest rates, closing costs, and fees. Once you’ve found a mortgage you’re happy with, get pre-approved for your loan. Buyers are entering a competitive market, and if you want your offer to be taken seriously, you need to be pre-approved. If you need a referral, let us know. We work with some great Houston area lenders.

Work with a professional

Finally, the best way to ensure success with your home purchase is to work with a professional real estate agent. This is especially true if you’re a first-time homebuyer. An agent who is an expert in your market can offer invaluable advice and help you close on the home you’ve always dreamed about! Whether you are looking in the Heights, West University, Oak Forest, Katy, or Sugar Land, let us know. Even if we aren’t the right brokerage to assist you, we would be happy to provide you with some expert advice on how to get started.

[vr_column size=”1/2″ center=”yes”]
[vr_note note_color=”#FFFF66″]

GET MATCHED WITH AN AGENT

Oops! We could not locate your form.


[/vr_note]
[/vr_column]