5 Steps to Prepare for Buying a Home

Homebuying season is upon us! Traditionally, spring and early summer are prime times for house hunting, but plenty of buyers find gems year-round. Whether you're eager to jump in or taking a quieter approach, one thing remains constant—you need to be ready when your perfect home hits the market. This guide will walk you through how to prepare for buying a house, so you can confidently make an offer when the time comes.

1. Get Your Finances Ready to Buy a Home

Before you even open Zillow, get your finances in order! Buying a home means you will need to secure a mortgage loan, so make sure you’re well-qualified. Here are the essentials:

• Get Mortgage Pre-Approval: Being pre-approved for a mortgage shows sellers that you are a serious buyer. Plus, it gives you a clear picture of what you can/can’t afford. Use tools like the Mortgage Qualifier Calculator to get an estimate of your borrowing power.
• Save for a Down Payment: On average, a down payment for a conventional loan is 20% of the home’s price, but options like FHA loans might be less. Start setting aside money now and cut back on non-essentials to build your savings. Plus, keep your assets liquid so you can act quickly when the opportunity comes knocking.

Why is financial preparation so important? Having your finances ready will make the last-minute scramble less stressful—hello, bidding wars!

2. Research the Housing Market

Understanding the local real estate market is one of the smartest things you can do as a homebuyer.

• Understand Local Trends: Is it a buyer’s or seller’s market in your area? Check out recent home sales to get an idea of property values and demand.
• Look for Opportunities: Some areas might have a seasonal lull during colder months—perfect for snagging a deal when competition is low.
• Set Your Priorities: Research neighborhoods, proximity to schools, and amenities if they are important to you. Websites like Zillow and Redfin offer tools for analyzing local housing market trends so you can spot the best opportunities.

3. Team Up with Mortgage & Real Estate Experts

Don’t fly solo! Most success in homebuying often hinges on working with knowledgeable professionals.

• Partner with a Mortgage Loan Officer: A knowledgeable loan professional can help you compare current mortgage rates, understand different loan options, get pre-approved, and choose a plan that fits your long-term goals.
• Find a Real Estate Agent: A great agent knows more than just listings. They will help you find neighborhoods that fit your lifestyle, negotiate on your behalf, and ensure you don’t overpay.

4. Use Mortgage Tools to Your Advantage

Say goodbye to scribbling calculations on the back of a napkin! Nowadays, there are plenty of online tools to help you make smarter decisions. Here are some handy mortgage calculators:

• Buying vs. Renting Calculator: Decide if purchasing a home is a better option compared to renting.
• Mortgage Qualifier Calculator: Find out how much you can afford to borrow.
• Mortgage Comparison Calculator: Evaluate different home loans and find the best deal.
• Mortgage APR Calculator & Adjustable Rate Mortgage Calculator: Compare mortgage interest rates for fixed and adjustable loans.
• Monthly Mortgage Payment Calculator: See how much you will pay each month, considering taxes, insurance, and more.

These tools make financial planning easier, reducing stress and keeping you on track.

5. Stay Flexible & Patient Throughout Homebuying Process

Remember, buying a house isn’t a race—it’s a long-term investment. Therefore, it’s worth taking your time to find the best one.

• Be Open-Minded: Maybe that not-so-exciting house on paper could have potential with a little TLC. Always be willing to explore different properties that could exceed your expectations or surprise you.
• Don’t Rush: It’s easy to fall for the first gorgeous kitchen you see, but don’t settle on a home that doesn’t fully meet your needs.  

Prepare to Buy a Home with Academy Bank

Buying a home is both exciting and challenging, and it’s entirely doable with the right plan. By organizing your finances, researching the market, working with experts, using financial tools, and staying patient, you’ll be ready to make your move.

When it’s time to start, our trusted mortgage loan officers are here to guide you. Whether you are looking for today's mortgage rates, comparing loan options, or navigating your first home loan, Academy Bank is ready to make this process easy for you.

Start exploring your mortgage options today and take the next step toward your dream home!