Put your cash in the bank
Banks and lenders do not like to see huge deposits of cash right before you purchase a home, depositing all your cash now should stay off the bank or lender’s radar. Why lenders don’t like large cash deposits is that the money is “unaccounted for.” For all they know, you could have sold a stolen car or participated in some other illegal activity to get you enough money for a down payment. Large cash deposits that are unaccounted for can hinder your ability to buy a home, so deposit your cash now so that when your banks ask for several months’ worth of bank statements, the cash will show up as a pre-existing balance and not an untrackable deposit.
Save loads of money
You will want to have as much money in savings as possible when you go to buy your home next year. With a larger down payment, you may be able to qualify for a lower interest rate or have lower monthly payments. Depending on how much you save, you also may be able to afford a bigger house.
SIX TO EIGHT MONTHS BEFORE BUYING A PROPERTY IN HENDERSON
Talk with a few lenders
You will want to start talking to lenders early as they may have other tips for you personally to prepare to purchase a home in Henderson. You will also learn about the specific mortgage options that are or will be available to you when the time comes to start shopping for a home. You may also find a few home-buying assistance programs that will help speed up the home buying process. You may also want to talk with a real estate agent in Henderson who can give you an idea of where the Henderson housing market is going within the next year.
Find out what it takes to own a home
If you are still living at someone else’s house or renting your own apartment, you may not realize the cost of utilities, property taxes, insurance, repairs, and more. Once you get an idea of what all this will be costing you, you may decide that you need to save a little more for a downpayment to make your monthly payments lower so that you can afford to pay all your other bills.
Check on your savings progress
How are you doing with saving money for a down payment? If you haven’t been able to save anything for the last four to six months, you may have a problem! Take a moment to check your budget to see if you can be saving more money than you are right now! If you don’t qualify for a home-buying assistance program, you may need to pay 3.5%-20% of a down payment depending on your situation. So double-check your savings account and talk to your lender about how much you specifically will need for a down payment.
THREE MONTHS BEFORE YOU BUY A PROPERTY IN HENDERSON
Make every cent count
You’re almost there! Realize that within this period every purchase counts and every dollar you are saving is going to make a difference! It would be a terrible idea to go get a new car or make any huge purchases without consulting your lender. You will also not want to make any deposits that lenders cannot trace to something else, such as the company you work for with your paychecks. This is the period of time that you’ll be submitting bank statements to your lender, so know that every purchase and deposit counts, and now is the time to be on your best behavior.
Schedule another consultation with your real estate agent
You will want to have your Henderson real estate agent talk with you about your wants and needs. Once you both have a good idea of what you’re looking for in a house, they will be able to send you homes that may hit some check marks on your wants and needs list. This will also give you an idea of how many items you may be able to get on your “want” list. Based on what you like from the properties your REALTOR® sends you, you may be able to narrow down your list even more so when your agent takes you home shopping, they will be able to know exactly what Henderson homes are for sale to show you.
TWO MONTHS BEFORE
If you are renting your home, condo, or apartment, you may need to give a one to two-month notice to vacate. If you talk with your landlord about your situation (that you’re purchasing a home) they may be flexible with you about when exactly you will be able to close, so don’t give notice till you talk to your real estate agent and your landlord.
Get pre-qualified or pre-approved
Depending on your situation, get pre-approval or a pre-qualified letter from your lender and send a copy to your real estate agent so they know your official budget. They will also need to have this letter when they send in offers that you will be making on homes for sale in Henderson.
TIME TO START SHOPPING!
Have you saved a big enough down payment? Have you fixed your credit score enough to get a great mortgage? Have you talked with your real estate agent and figured out what homes and what areas you like the best? Well, then it’s time to go shopping! You may need to see several homes and make a few offers before one gets accepted, so be patient! Your home is out there and Nevada Desert Realty would be happy to help you find it! Contact Anna or Michael at 702-509-1446 to start your home search!