Buying a House

Homeownership Matters to Families and Communities

No matter the generation, time and again it's proven that homeownership remains a key ingredient in the American Dream. Owning a home provides financial stability, makes it easier to build personal wealth, helps in establishing social stability, and gives you the freedom to plot your own course in life. The community also benefits from homeownership by gaining active, engaged residents who have a stake in the future of each neighborhood. Our REALTORS® know the benefits of homeownership for people, and why it's so important for communities to have a strong base of homeowners.

• The Perks of Owning Over Renting
  The initial investment required to own a home can be scary for first-time buyers, but there are many long-term financial benefits to owning over renting. Both rent rates and the value of homes tend to rise over time. When rent goes up, only the landlord benefits. When the value of a home that you own goes up, you're the one to benefit. With the variety of assistance programs available for people who want to own a home, the upfront investment isn't nearly as daunting as it seems. Over time, as you make your mortgage payments, your equity in the home and personal wealth build. Add it all up, and homeownership just makes more financial sense than renting.

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Your credit score is a golden key that can unlock the best interest rates and loan options for your new home.

It's a simple equation: A higher credit score = A lower interest rate = Your home costs you less money. 

Before you apply for a loan you want to make sure that your number is as polished as possible. To help you attain the most advantageous loan, our real estate agents share the following steps to take before you begin your home search.

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Buying a house can be challenging. If you are looking for Harrisonburg homes for sale, the perfect home is not likely to just magically appear. In almost all home purchases, those buyers who find their dream home remain firmly in the driver's seat throughout the entire house-hunting process.

With that in mind, you can increase your chances of finding and buying the perfect home for you and your family by following some of the same steps other successful buyers have used.

1. Lay the Groundwork.
   Ideally, six to 12 months before you begin your home search, you should run your credit report. Review the report carefully and check for any inconsistencies so that you can clear up the errors. If you find that you owe some debts, get these paid off immediately. You want to approach your mortgage lender with a credit score that is as high as possible.
   
   

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Before you start shopping for the right house, you have to shop for something else: the right mortgage. Pre-approval is practically mandatory if you want sellers to consider your offers, and comparing different rates and terms is just as important as comparing different properties. Because your rate will determine the size of your monthly payments for decades to come, you want to choose a loan with as little interest as possible. But do you know how lenders come up with this important number in the first place?

Many different factors and figures affect your interest rate, and you can't predict or control all of them. Our real estate agents want you to understand your fluctuating options when you know more about the math behind them. Here are some of the things banks and other lenders consider as they calculate interest rates for home loans:

Economic Trends (Supply and Demand)

Interest rates get higher when lenders take on additional risks, and some risks have nothing to do you with you. For example, are you buying a home in an unstable financial climate? Housing markets suffer, and layoffs are more likely during economic slumps, so lenders must take local and national trends into account as they consider their risks. That's why lenders usually follow the Federal Reserve's lead, lowering or raising interest rates as the federal rate changes.

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Our REALTORS® at Old Dominion Realty WORK to help you find a home where you will be truly happy. A lot of factors go into that: The community, the amenities, and your finances.

The financial decisions you make when you're first looking for a home will stick with you for years to come. With that in mind, you have to go into the process with accurate information.

Your real estate agent will help you make the right choices in the market. Only you, however, can figure out the facts about your own household finances that you're sure to need.

Every major investment or purchase starts with one thing: A budget.

And buying a home is no exception.

A budget is a very useful tool for maintaining your financial health. However, most people get by with a simple budget. To get ready for buying a home, you should dive deep into the details.

That's the best way to prevent surprises later!

Let's look at how to build a budget that will support your home buying goals.

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Buying a home is a big step, and there are many details to consider to help ensure that it is a step in the right direction. While commute time is a detail that many people tend to overlook – especially if they find a home or neighborhood they love – our real estate agents know that it's important to factor it into the decision-making process. How much does commute time matter? Taking on a long or stressful commute every day can impact your quality of life in many ways, so keeping commute time in mind as you shop for your home can prevent regrets later.

Why Commute Time Matters

Commute time can seem like a minor detail among the many things you'll need to look into as you compare Harrisonburg homes for sale. However, unless you're lucky enough to have a very flexible work situation, it's an aspect of life that you will have to deal with day in and day out, usually five days a week. Here are some of the ways that a longer commute could impact your daily life.

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Relocating for a new job is one of the most common reasons for moving to a different area. Unfortunately, starting a new job also presents a few challenges for anyone planning on becoming a homeowner. One of the biggest things that mortgage lenders look for is income stability, and having recently started a new job might throw up a red flag. But don't panic—our REALTORS® have a few tips to help you buy a home with a new job.

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Buying your first home is a big step—think you're ready for it? We certainly hope so, but we also want to make sure that you buy your dream home at the right moment.

At a certain point, every renter gets to a place in their life where they just don't feel like they can do it anymore. Whether it's the noisy neighbors, the overbearing landlord, or the feeling of powerlessness that comes from continuously paying for a living space you'll never own, you just have to get out. Homeownership is the next logical step.  Here are six questions our REALTORS® want you to ask yourself before you decide to go for it.

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It's hard to size up a home at first glance, and even harder to judge an entire neighborhood, but both are important. If you're searching for a home, it's important to remember that your new home isn't just a house; it's a street, a neighborhood, and an entire city. So how do you know that your new neighborhood is the right one?

That's a question that our REALTORS® get asked a lot with many different answers. When you're planning on buying a house, these are the things to look for in the surrounding neighborhood:

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Anyone who has shopped for a home knows what it's like to spend countless hours dreaming about your ideal home, scouring every online listing in your area, and attending open houses to get an up-close look at your favorite properties.

These can all be fun activities when you're working to buy a house, and they also present valuable learning opportunities that will help you find the right deal for your needs. But is it still worth it to attend an open house, even if you're not ready to purchase? Our REALTORS® are here to explain why with five reasons to attend an open house even if you're not planning to buy.

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