Owning Regina Real Estate is a goal for many Reginawanians. It is often something people work years towards to achieve because as we know, buying a home can be the largest purchase a person will make in their lifetime. Owning a piece of our city doesn’t always come easy as there are many moving parts to get there.
The pre-qualifying phase is an important step that must be taken before you start looking for a home. You may be wondering “What does that even mean?” Well, it means meeting with your bank or mortgage broker and prequalifying for a mortgage. Prequalifying will tell you what price point you should be looking at, AKA how much house you can afford.This guarantees your ability to buy or not buy and real estate agents want to make sure you can buy a home before they start working with you. There are a few ways to ensure the pre-qualification phase will be smooth and you will be putting your best foot forward when it's time to purchase. Let’s go over some of the most effective ways to prepare yourself.
Debt
Pay it off, and keep it off! When you walk into a bank and ask for more money to borrow, they look at what you owe currently and if your debt to income ratio isn’t at their standard it will be much more difficult to lock down a mortgage.
If you have loans or credit cards, it's best to pay them in full prior to requesting a prequalifying appointment. Remind yourself this doesn’t have to happen overnight and it's just a step you must take in order to reach your Real Estate goals.
Online Exposure
With a whopping 99% of buyers looking online for homes, its crucial that your property is properly showcased. If your property cannot be found online and if it doesn’t have the right information provided, you just won’t have success. Virtual tours and social media advertising have been a fantastic way to lure potential buyers for a physical walk-through of the property.
Career
Do not switch jobs/careers. The bank/lender always examines your employment history and if you have recently switched jobs or are in the middle of a career change, this may affect your chances of getting pre-approved tremendously.
It’s a no brainer that the lender wants to ensure you have SECURE & CONSISTENT income coming in to ensure payment. Additionally, be prepared to share paystubs, job letters, bank statements and/or other documents in order to prove your income.
Credit Score
Improve your credit score to the best of your ability. Credit scores improve over time but there are ways to improve it faster. Things like ensuring all your payments have been and are made timely and you are not behind or missing any payments. This also means to hold off on opening a new credit card, or borrowing money for a vehicle loan.
If you have a “hit” on your credit score, it can be beneficial to wait until it has been knocked off and doesn’t hurt your credit score anymore. But be patient because this can take up to 6 years!
Owning Regina Real Estate is a totally feasible goal, it just requires some due diligence on your part, and that comes before even beginning your house hunt. Because one of the worst things is going out house hunting, finding the perfect home and then realizing its way over budget and you aren’t qualified for a mortgage for that amount or can't buy it at all.
That is another reason to work alongside a professional, experienced Regina RealtorⓇ who will help guide you through the process from beginning to end (and beyond really!)
Contact Me!
If you would like to talk about buying Regina real estate or where to start the process, please feel free to give me a call! You can reach me at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.