Regardless of all the technology at our disposal to find your dream home, preparing in full still takes time and research. Whether or not you're a first-time buyer or a veteran who's already purchased many residences over the years, it's very important to begin your home search with the following steps in mind:

 

  1. Increase your Savings
    Lenders nationwide continue to have stringent lending standards, requiring significant amounts of capital for prospective borrowers in order to secure a home loan.

    A client of mine had amazing mortgage terms to buy his home in West Palm Beach just because he came with an additional 5% on his down payment.

    Make sure you focus on building capital before even considering your home purchase. This will ensure you have more than enough funds to convince lenders that you're ready to become a homeowner and handle the subsequent mortgage payments.
     
  2. Improve Your Credit Score
    As many prospective Florida buyers know, how much money you have in the bank isn't the only factor considered by lenders-- your credit score strength can also play a huge role. Luckily, the math is pretty simple: the higher your score, the better you look!

    For some, raising your credit score is easier said than done. Even if you have a strong credit score, make sure you're doing things like paying all of your bills on time and in full. If you need to, set goals for eliminating outstanding debts and do your best to avoid opening new lines of credit.

    Remember that aiming for a higher credit score not only improves the odds of securing a home loan, but it also increases the likelihood of favorable loan terms!
     
  3. Get Pre-Approved for a Mortgage
    Once you have all your finances in order, it's time to head to your a lender for a home loan pre-approval. You may have heard or read the term "pre-qualification" in your research thus far, but it's important to understand the difference between the two before you get in touch with a lender:
    1. Pre-Qualification - A lender's estimate of how much house you can afford (often available online)
    2. Pre-Approval - A lender has deemed you worthy of receiving a mortgage

 

Once all of your finances are in order, you can then put your trust into a real-estate agent who will find your dream home; saving you time, and money.