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Getting Ready To Buy
Getting Ready To Buy Prescott Real Estate? Let’s Make It Easy.
Buying a home is one of the biggest financial decisions you'll ever make, whether you're a first-time buyer or an experienced investor. The process can feel overwhelming, but with the right guidance, it’s an exciting step toward building your future. At Home Right, we’re here to help you make informed decisions every step of the way.
What’s My “Why” for Buying?
Are you ready to say goodbye to rent or have you outgrown your current home? Or maybe you're looking for a smart investment property? Understanding your motivations will help guide you through the buying process and ensure you’re making the right choice for your goals.
Am I Ready to Invest in My Future?
Property ownership is one of the most reliable ways to build wealth—whether you’re buying your first home or adding a rental property to your portfolio. It’s a solid investment that tends to be more stable than options like stocks or collectibles. No matter where you are in your journey, it’s a great time to get started!
When you’re ready to explore your options, reach out to us at Home Right! Call 928.848.1188 or fill out this quick form, and one of our agents will be in touch to guide you through the next steps.
Other Things I should Consider When Buying Prescott Area Real Estate
Get Your Financials in Order
Before starting your property search, it's important to ensure your finances are in a strong position. Avoid making large purchases or changing careers at this stage, as these can impact your credit and financial stability. Your credit score plays a key role in determining the types of properties you can afford, your interest rate, and the overall price range. We can help connect you with one of our trusted lenders to check your credit score, so you know exactly where you stand. Our preferred lenders pull your credit from all three major reporting agencies—Equifax, Experian, and TransUnion—and will guide you throughout the process. Whether you're looking for a residential, construction, or investment property loan, we can recommend lenders with plenty of experience to assist you.
Organize Your Finances
When it’s time to make an offer, having your finances organized will ensure everything moves smoothly. Being well-prepared helps avoid delays, bidding wars, or unnecessary complications. Here’s a checklist of what you’ll want to have ready:
- Bank accounts
- Recent pay stubs
- Check Your Credit Rating
- Financial statements
- Investments
- Tax returns (last two years)
- Credit cards
- Auto loans and other debts
- Leases for any investment properties
- 401(k) statements, life insurance, and other financial account info
Pre-Qualified vs. Pre-Approved: What’s the Difference?
Understanding the distinction between pre-qualified and pre-approved can make a big difference in the buying process.
- Pre-Qualification: This is an initial step where lenders use your self-reported information to give you an estimate of what you might be able to afford. It doesn’t require verification of your credit, employment, or financial documents.
- Pre-Approval: This is a more thorough process, where lenders verify your credit, employment, and financial details (such as pay stubs, bank statements, and tax returns). Being pre-approved shows sellers that you’re a serious buyer with a solid offer, giving you an edge in a competitive market.
Being pre-approved can make your offer stand out and help you move forward with confidence!
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What Price Range Can I Afford?
Resources For Prescott Home Buyers
The journey to homeownership starts by understanding how much you can afford. One major thing to consider is your down payment, if any. Many consumers believe it's impossible to buy a home without at least 20 percent down. But thanks to various government-sponsored programs, many people can now buy a house with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.
