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DuTrac: Thinking About Purchasing A New Home?

Four important things to consider when buying a home

You have rented for years or maybe decided it is time to move into a home with more space. Regardless of the situation, purchasing a home is a huge decision.

It may be tempting to immediately start searching for the perfect home, but there are certain things you will want to consider before you set foot in an open house.


  1. What’s your credit score?

A homebuyer’s credit score is one of the most important factors when looking to purchase a home. The old adage, “the higher your credit score, the lower your monthly payments” remains true today and plays an important role in the mortgage you qualify for.

By law, everyone is entitled to one free credit report from Equifax, Experian and TransUnion per year. Let DuTrac staff help you access and understand your report.

  1. Are you pre-approved for a loan?

Schedule a meeting with DuTrac’s Mortgage Department and begin the pre-approval process for a mortgage. By doing so you will understand how much you can potentially spend on a home. You would not want to fall in love with a house listed at $175,000 only to find out you are approved for a loan up to $130,000.

When speaking with your DuTrac mortgage consultant, ask about DuTrac’s real estate lending options. With a variety of mortgage types and terms, DuTrac Mortgage is sure to have a program to fit your home buying needs. Additionally, with great rates, flexible financing, and local underwriting and loan servicing, DuTrac Mortgage gives the financing process real curb appeal.

  1. What will your monthly costs be?

There are many financial factors to consider other than the list price of a home. Unlike renting, homeowners are responsible for property taxes. Property taxes are calculated based on the assessed value of your home along with the tax rate determined by a local government body. Other costs that should be factored into your decision include insurance, utilities, home and yard maintenance, and repairs.

  1. Your offer was accepted, now what?

Once an offer has been accepted on a home one of the next steps is to schedule a home inspection. While it may be tempting to bypass this step to save money, a home inspection is an important step before closing on a house. Inspectors not only provide an in-depth analysis on current issues the home may have, they can also point out issues the home may have down the road. A home inspection will provide an extra level of comfort to make sure you are purchasing the right home.

DuTrac’s Mortgage Department is available to answer any questions you may have about purchasing a home. Schedule a no-cost, no-obligation appointment with a DuTrac mortgage expert today by calling (800) 475-1331.


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