It’s almost the start of a new year – the perfect time to make new resolutions or goals for your future! The new year is the best opportunity to get a fresh start by finding a brand-new home.
It may seem like a big change, but it’s a great step toward achieving the lifestyle you’ve dreamt about. Not sure how to begin the process of purchasing a new home? You’ve come to the right place! Artisan Built has the best tips to help you fulfill your resolution and make your dream home a reality in 2021.
Focus on Your Credit Score
When you apply for a mortgage, what will banks and mortgage companies look at first? Your credit score, of course. Lenders look for high credit scores that ensure you are a trustworthy borrower. If your credit score is not optimal, this factor will quickly deter lenders from approving your application.
Don’t let this critical element stop you from attaining a new home! Be proactive and check your report before applying to find out your credit score. Upon finding your score, assess where improvements can be made to better your record and increase your chances of approval. This is the best first step to get you further down the path toward homeownership.
Save, Save, SAVE
Whenever possible, saving money is always a great idea – especially when a new home is on the line! In this case, saving funds to put toward your new home is one of the best ways to qualify for greater financial assistance.
The general rate for down payments is no longer 20% of the home’s purchase price (depending on loan type), but even 3.5% down on a $400,000 home is a lot of money. Homeowners who offer a higher down payment than the typical rate have a better chance of receiving a larger loan amount. If your credit score isn’t ideal or you can’t afford a high down payment, you may benefit from applying for a Federal Housing Administration (FHA) loan. FHA loans provide several helpful options and can include most of your closing costs and fees. When you receive an FHA loan, your down payment could be as low as 3.5% of the home’s purchase price.
Be Realistic About Your Budget
Don’t let your eyes write a check your wallet can’t cash! As you begin the home purchasing process, it’s important to be aware of what you can afford to avoid overspending.
By doing a quick online search, you can find several mortgage calculators to help you form a reasonable budget during your new home search. Use these convenient tools to estimate which homes fit into your budget without breaking the bank! Remember, just because you can get approved for a certain home price doesn’t mean you can actually afford it.
Find Out All Homeownership Costs
Don’t forget that the down payment for your new home is only the start of the costs to come. There are several other expenses associated with homeownership including closing costs, monthly house payments, property taxes, homeowners insurance, homeowners association fees, utilities and maintenance, as well as repairs and home improvements down the road. Digging into these future fees is an important consideration as you create your budget for your new home purchase.
Discover New Artisan Built Homes
Now that you’re ready to begin the new home purchasing process, Artisan Built has just the homes for you! Artisan Built offers spectacular homes located throughout Paulding County in outstanding communities – NatureWalk at Seven Hills and The Georgian. Discover affordable homes, high-end amenities and rare luxuries perfect for every lifestyle.
Homebuying can be stressful, but these tips offer ways to build a strong understanding of your financial position and improve your chances of purchasing the perfect new home. Hopefully, this offers a guides during your journey of finding a new home in the new year! Artisan Built is ready to help make your dream home a reality.
Learn more about the builder’s available new homes in Paulding County communities by calling 678.515.9526 or visiting www.DiscoverArtisan.com.
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