It’s the time of year to start thinking about your New Year’s resolutions. For 2018, why not resolve to buy your dream home? While buying a home can be an intimidating process, the REX team is here to help. From representing you in the purchase of a home, to providing loan services through REX Home Loans, we are truly a one-stop shop. If you are thinking about buying a house, but aren’t sure exactly where to start, here are some helpful tips to get prepared before January 1st.

1) Determine a down payment amount based on your available funds.
Take a step back and analyze your finances at the end of the year. While 20% down is generally the rule of thumb, there are plenty of options for those people who need to put down less. Did you know that REX Home Loans offers multiple mortgage options including 1% and 3% down payment plans? Find out more here.

2) Define a monthly payment amount that fits your budget.
No matter what you put down, you need to be comfortable with your expected monthly mortgage payment. Allow for some flexibility and don’t overextend yourself. Your REX Home Loans advisor can help you calculate your monthly payment and come up with solutions for your specific situation.

3) Start gathering important income and asset documents.
The more information you have up front, the better. Take some time during the holiday break to gather up tax returns, pay stubs, personal bank statements, and asset statements so you are ready to hit the ground running when you meet with your REX Home Loans advisor.

4) Get a pre-approval letter from a mortgage professional.
This might be the easiest step! With REX Home Loans, you can literally get a mortgage pre-approval in minutes. It’s so simple. Just call (833) 745-5626.

5) Shop for your home.
Check out all the amazing homes REX has to offer! REX lets buyers express interest in a home without making a formal offer. Buyers simply fill out our “Indication of Interest Form.” It’s an easy way to see if both sides are in the same ballpark. If you are, we can draft a formal offer that makes sense to both parties.

Don’t see a home you like on REXchange.com? Ask about saving money with our Buyer Rebate Program.

6) Work with a REX agent to make an offer.
REX Buyers Agents are here to work for you. Our agents don’t work on commission, so their top priority is getting you the best deal possible on your dream house.

7) Move in
Resolution complete! Enjoy 2018 in your new home!

 

posted by Eric Rothman

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