Home Buying Tips
Expert Guidance, From First Viewing to Closing
This page is dedicated to answering your real estate questions like ‘How Can You Get Pre-approved for a Home Loan?’ and ‘What Should You Look for in a Home Inspection?’ We hope that our insights can improve your Montana real estate journey.
Don't see the answer you're looking for? Don't be afraid to reach out to our real estate team. We will be happy to walk you through the answers to your Montana real estate questions.
Getting pre-approved for a home loan is an important step in the home-buying journey. Your exact experience may differ, but in general, you can expect to follow these steps:
- Meet with your lender(s) of choice. Ask what information they need from you!
- Gather income, debt information, credit score information, and anything else the lender requests to prepare for your meeting.
- Calculate potential mortgages and build a budget so you know how much to ask for.
- Meeting with your lender(s) of choice.
Just remember, this process is important, but it shouldn't be stressful. Your lender should help you find the right information to start the pre-approval process. We have a few lenders that we can recommend if you're lost, so please don't be afraid to reach out.
A home inspection might be one of the most important parts of the home-buying process. They can often find important information that can save you from making a bad purchase.
In general, we advise home buyers to look for the big-ticket items:
- Is the electrical updated?
- Is the plumbing sound?
- Is the foundation cracking or sagging?
- Will the roof need replacing?
There are many free mortgage calculators online. These will only give you rough estimates. We recommend budgeting for more than the estimate comes out to. With any luck, this will leave you with extra when everything is said and done.
Most lenders require 3% to 3.5% down to initiate a mortgage. However, most home-buyers get the lowest rates and monthly payments if they put down 20% or more.
We never want home-buyers to find themselves struggling to make ends meet after a buying a home. Build your budget so you can save for renovations, repairs, and unexpected costs. The best place to start is with a mortgage calculator. Many banks also offer free financial coaching. Everyone's situation is different, so take advantage of every resourse you can to build a smart budget.
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