Chris Gmyr

The beginning of a new year is a time for looking back and looking forward. It is also a time for setting goals for the upcoming 12 months. With the homebuyers credit extended through April, and home prices still low, this could be the perfect year to make good on your plans to buy a home.

Like any good goal, you need to start with a plan. Here are 10 easy steps to follow, to get you started on buying your new Syracuse area home.

• Check your credit score. Even if you aren’t planning on buying right away, you should know what your score currently is, and start looking for ways to improve it. You also need to look for any errors and have them corrected as soon as you possibly can.
• Inspect your finances. You will need at least 3.5% of the total price of the home for a down payment, if not more. Lenders prefer if you have 20% or more.  You also need to see if you can afford the mortgage payments for a home. Lenders will figure 33% of your income can be put towards your monthly mortgage payments; you need to make sure that amount is enough to pay for a home.
• Start thinking about what you’re looking for in a new home. Do you want a big yard? How many bedrooms or bathrooms do you need? Where do you want to live? While you don’t need to have an exact checklist, it will help both you and your Syracuse real estate agent if you at least have a general idea.
• Start looking for homes online, to give yourself a better idea of what’s available for different prices and neighborhoods. If there are any homes that really stand out, make a note of them for the next step.
• Contact a Syracuse Realtor. Someone who knows the local area will be able to help you find the home you are looking for.
• Look at available homes, attend open houses, and begin searching for the right home.
• Make an appointment with several area lenders to discuss financing. Get quotes from each for your mortgage, and remember to ask questions. The more you know about your loan options, the more prepared you will be.
• Pick out the lender you feel most comfortable with (who is also giving you the best, or one of the best, mortgage packages), and ask to be prequalified for a loan. This will give you the ability to pick a home based on what you are going to be able to take a loan out for.
• Pick out your new home. Make an offer, get it accepted (hopefully), go through some paperwork, and schedule a day for the closing. Start packing, if you haven’t already. Also, don’t forget to hire a home inspector to walk through the home with you, pointing out any potential problems.
• Close on the home. Sign all of the paperwork, get the keys (if the sellers have moved out), and start your new life as a homeowner.