Buying a home can challenge anyone’s patience, especially during spring and summer — typically the busiest time of the year, when competition can be fierce.
Still, by doing your homework, learning the market, and following a few basic steps to fine-tune your financial health, you can boost your chances of homeownership success.
Homeowner Chiquita Millender said she brought enthusiasm to her homebuying experience, but quickly learned it took more than that to succeed. Millender had student loans and other debt problems from college that had hurt her credit, and she and her husband couldn’t afford the house they wanted in the Atlanta area based on his income alone.
“I got so discouraged I wanted to quit,” said the 31-year-old restaurant manager and Wells Fargo customer. “Finally, though, I told myself to be a big girl and start again.”
With help from Wells Fargo, Millender put herself on a disciplined financial plan, reduced her debt, improved her debt-to-income ratio, and saved enough for a down payment. Her credit score rose about 200 points. Eventually, she and her husband found the home of their dreams and were approved for $150,000 more in financing than they had initially sought.
“Homeownership is something I appreciate so much,” she said. “It’s definitely an accomplishment I’m proud of.”
Six tips for a successful homebuying experience
Before scrolling through listings and sharpening your negotiation skills, potential homebuyers need to take some important preliminary steps, said Michael DeVito, head of Wells Fargo Home Lending.
“When buying a home, it helps to be prepared — including understanding what you can afford,” he said. “Homebuyers are often surprised to learn about all of the programs in place to help them with the purchase process. Talk to an expert and follow these key steps to make the path to homeownership a great experience.”