Ready to start hunting for a house? Searching for your dream home is exciting, but can be a very trying experience as well. This is a big step in your life, and like any big step, it is important that you enter into it prepared! At All State Lenders Corp., we know that the process of house hunting can become complicated, stressful and downright overwhelming. For a little guidance, here are some tips for buying a house to make house hunting easier so you can load up the moving van sooner!

Location, location location. Before you decide to do anything, you should choose where you want to live! You want to make sure you actually like where you are living because remember, you can always change your house to fit your style but you can never change your location! The location of your home will shape your life for as long as you live there; check to see how the schools are, your commuting distance from work and if there’s much to offer in the surrounding area.

Before you narrow down your search, it is good to do some exploring on your own. Even if you are working with an agent, looking on your own is a great way to get a feel for what you want. Drive through neighborhoods and look for “for sale” signs. Call the number or ask your real estate agent to take you to look at the place. Also, read the real estate section of newspapers and real estate shopping guides to check for houses.

Visit as many open houses as you can in the area that you want, to get a feel for what you like in a home. The listing agent will be there to hand out information about the house and answer your questions.

Once you start touring properties, you might get confused with all of the house you have seen. You’ll see so many you won’t be able to keep them straight. Create a checklist that you can use for each property you view. Include your criteria and include a space for notes. This way, at the end of the day you can take your checklists home and compare properties easily.

Prepare for all-day house hunting by dressing comfortably and bringing snacks and water. You never know how many properties your agent will want to show you—this could end up being a very long day!

Also when house hunting, it is good to ask yourself “can I buy a house today?” Many people shop for homes before they are truly ready. Before you start the process, ask yourself this question to save you the agony!

Of course, have fun! Buying a home is a major milestone and has the potential to be tons of fun! Remember to relax and take things one step at a time. Everything may not go perfectly or even smoothly but if you keep your head up you will eventually find your future home!

When you’re ready to get going and talk mortgage, visit us in Monmouth Junction—we’re here to help you! “Like” us on Facebook for some more great tips!

House Hunting Tips is a post from: All State Lending

House Hunting Tips is a post from: All State Lending

At All State Lenders, we understand how important owning a home is for you, and we want to make sure you have your finances in order before you start searching for your dream house! Only you know your financial situation and your spending habits, so here are some steps to take before you start looking, to see if you’re financially ready to buy a house.

Review Your Finances

First, you need to make sure that you do not have too much debt. To find out, calculate your debt to income ratio. To get started, gather your monthly debt obligations which will include all monthly payments (car payments, credit card, student loans, etc.) When you add all these up, this will give you your monthly debt payment. Next, calculate your monthly income. Be sure to include any bonuses. Finally, to determine your debt to income ratio, take your total debt payment number and divide it by your totally monthly income. You have calculated your debt to income ratio!

Also, you need to review your credit score. Obtain a recent copy of your credit report from each of the three credit bureaus. If there is anything on one of them that is less than desirable, try to resolve the issue as soon as possible, if at all possible.

Steady and Reliable Income

This is probably the most obvious factor for you, but it is very important to have a stable, reliable source of income before you even consider home ownership. This will assure that you are able to pay bills on time, and will save you lots of stress if you can count on a steady flow of money.

Get In Control of Spending

Are you in control of your spending? Do you handle your finances with responsibility and lack credit card debt? Then you are in good shape! You also want to make sure you have a budget, and know how to stick to it.

You will be confronted with a large amount of new expenses when you own your home. Practicing good money-management skills are necessary. Once your finances are in order, it is advised to make a mock budget for yourself. Find out how much homes cost in the area you are looking in, and how much your mortgage payment will be. Take into account property taxes, utility bills, insurance, maintenance costs and homeowners’ association fees.

Also, make sure you have enough money left after you pay all of the house expenses!

If you pass these tests, congratulations! You are financially ready to buy a new home! If you did not, do not get discouraged. You can always rent until you are at a point in your life where you feel you are financially ready!

When you are ready to take the first steps in home ownership, come visit us at All State Lending- we will walk you through the entire loan process! Remember to “Like” us on Facebook to find out more on how to get started in finding your dream home!

Are You Financially Ready to Buy a Home? is a post from: All State Lending

Are You Financially Ready to Buy a Home? is a post from: All State Lending