Veterans Can Buy Their Dream Home With These 4 Simple Tips

Buying a home is a major decision, and one that comes with a lot of considerations, as well as stressors. There are so many things to plan for that it can become overwhelming, even if you think you’re prepared. For veterans, the process of buying a home can be frustrating because there are so many factors to think about. How do you know which is the right loan for your needs or where to begin looking for the perfect home? Let RE/MAX Northland help you with your home search and reduce some of that stress. Then, think about how to get your finances in order and which steps to take next.

Check your credit.

Buying a home requires an understanding of your financial wellness, so take a look at your expenses and get your finances into shape before getting pre-approval. If possible, knock out some debt, but be careful with your credit cards since closing paid-off accounts can have a negative impact on your score. Lenders look at the length of time you’ve had credit, how much you owe, and how much available credit you have (among other things), so keep that in mind. Consider downloading a credit app that will help you monitor your score and bring it up to a desirable number. 

Find the right loan.

Once your finances are in great shape, you can start checking out your loan options. Veterans and active military members have several to choose from, but as with any loan, you’ll want to look at the fine print to determine which one is right for your needs. The term, interest rate, APR, and projected monthly payments are of special interest, so get familiar with these numbers and think about how you can make them work for you. Typically, the better your credit score is, the better your interest rate will be — although one of the many benefits of a VA loan is a lower interest rate altogether. These loans also don’t require monthly mortgage insurance payments or a down payment.

Think about your dream home.

There are many things to consider when you’re thinking of the perfect home, including the neighborhood it’s in, square footage, and its proximity to all the places you visit most. Once your financing is in place, do a little research in a few of your desired areas to find out average sale prices, how long most homes sit on the market, and what those homes typically include in terms of bedrooms and property size. Some neighborhoods are more competitive than others, but your real estate agent can help you narrow down your search. Keep in mind that when it comes to buying a home, there are certain times of the year when it’s best to start your search. Depending on where you live, springtime or late summer/early fall may be easiest. 

Plan for a successful purchase.

Once you’ve found a house you love, create a plan for putting in a successful offer. In a highly competitive market, you might stand out by offering to pay a little above the asking price or by refraining from asking for certain items to be included (such as appliances). If there’s an home inspection contingency, you might waive it if you’re confident that there are no major issues in the home. Once your offer is accepted, it’s time to start the process of planning for the closing date. A VA loan limits the buyer’s closing cost amounts, but you may still be required to pay some fees. If the seller is agreeable, you might be able to negotiate these costs.

Buying a home is a major undertaking that requires patience and preparation, but it can be highly beneficial for veterans due to the number of resources and loan options available today. Do the research before jumping in to ensure that the process is a smooth one. And if you’re ready to get started on the search for your dream home, contact RE/MAX Northland today: Call/text 218-203-3603 or email us at remaxnorthlandteamjared@gmail.com.

written by: Megan Cooper at reallifehome.net