If you want to purchase a home in or around Indianapolis, there are many considerations you need to go over before you sign a mortgage.

The following are a few things that people commonly forget to do when they are shopping for a home.         

Tips before buying a home around Indianapolis

1. Check your credit report. You probably remembered to check your credit score before applying for a loan. But did you remember to order your credit report? Your credit report is the key to understanding what went into calculating your credit score. Not only will it help you to interpret your score, but you may be surprised by some of the entries that you discover on it. Credit report errors are a dime a dozen. If you read over your credit report carefully, you can check for such errors. If you find negative entries that should not be there, you now have an opportunity to correct them and increase your score. Every bit you raise your score could contribute toward more affordable rates. So, it is well worth taking a few extra minutes to order your report and look over it. Who knows how much money you could save? Credit Karma score is not the same score as what the lender will use to qualify the mortgage.  Call to Grandview Lending and we can do pre-application counseling to help you walk through the maze of what helps and hurts your credit score.
2. Investigate the HOA. You will need to deal with the local homeowners association (HOA) when you move into a home. An HOA can make your life difficult under some circumstances. You can avoid future hassles by checking into their rules and fees before you go in on a house.
3. Look into zoning rules. You might not think that zoning rules are important for a house that already exists. But there are multiple situations where you may want to learn about zoning rules before purchasing a property. For example, you might be planning on building an extension or a backyard unit of some type later down the line. Alternately, you might be thinking about operating a business in the same structure you will be living in. Zoning laws could also impact that decision.
4. Consider maintenance time commitments and costs. When thinking of your dream home, you probably think about all the rooms and features you want, but do you think about the time you will need to put into maintaining all those features? What about the financial costs? When you are strongly considering a property, sit down and try to come up with some estimates of what it will cost to keep the property in pristine condition. Ask yourself how much time you will need to spend on annual maintenance. Make sure that you are really up to the task before you move forward with the purchase.
5. Check into different types of loans. Oftentimes, borrowers are not aware of all the different types of mortgages that are available. They may assume that they need to apply for a conventional loan, and do not think to ask about what else is out there. But you could be missing out on a more affordable type of mortgage. At Grandview Lending, we work hard to educate borrowers about all of their options, including conventional and jumbo loans, USDA rural housing loans, VA mortgages, and FHA loans. It is important to us that you never miss out on a competitive mortgage opportunity that you might qualify for.
6. Look into down payment assistance. Finally, do you need to put 20% down on a new home? Not necessarily. Some of the types of mortgages mentioned above do not require such a high down payment. But there are also down payment assistance programs that you can check into. We can point you in the right direction if you are not sure where to start in investigating these programs.
7. Think about the future. Finally, one more thing that homebuyers sometimes forget about it is the long term. They may be focused on the years immediately ahead or might forget to think about different contingencies for the future. Plans can change, and often do. Consider a range of different scenarios for your life and try to pick a house and a mortgage which will fit not only your goals for the immediate future, but also the long-term.

Grandview Lending Can Walk You Through the Mortgage Process

The mortgage experts at Grandview Lending can help you avoid many possible pitfalls as you are shopping for a home and applying for a loan. You can ask us any questions you have, and as we are going over your needs and goals, we will ask you questions in return to make sure that you are not missing any important details are considerations.

Ready to schedule your consultation? Please give us a call today at (317) 255-0062. We look forward to helping you to find the ideal home loan in Indianapolis or elsewhere in Indiana.