Steps to follow if you are ready to buy a house

RICHMOND, Va. (WWBT) – Supply is tight, mortgage rates are rising and prices are high – putting pressure on house hunters. If you’re looking to buy, it’s more important than ever to be prepared to make an offer.

If you’re ready to buy, the first step is to get your financial situation in order.

Virginia Credit Union money coach Cherry Dale helped us put together this list. She says to talk to a lender and have an advanced plan.

“You just don’t want to come in and say, Oh, I’m going to buy a house today. You want to have a plan for how much you can afford to spend on this house and have a good understanding of your finances before you find yourself in this situation,” Dale said.

Dale adds that a good rule of thumb for knowing how much you can afford is to plan that one-third of your net income will go toward that mortgage payment. “So if you’re making around three thousand dollars a month, $1,000 a month for a mortgage payment might be reasonable for you if you’re going with a spouse or significant other, when applying for the loan, you can include both income,” Dale said.

She says you also want to understand what type of loan is best for your situation. A loan officer can really help you with this. Dale also says that your credit is in good standing before applying for this loan.

Dale says to interview, several real estate agents. Pick one you feel comfortable with, who is licensed, and does it full time.

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