Steps to take if you are ready to buy a home

RICHMOND, Va. (WWBT) - Supply is tight, mortgage rates are rising, and prices are high - putting the squeeze on house hunters. If you’re looking to buy, it’s more important than ever to be ready to make an offer.

The first step if you’re ready to buy is to get your financial picture in order.

Cherry Dale a financial coach with the Virginia Credit Union helped us put this list together. She says talk to a lender and have an advanced plan.

“You just don’t want to walk in and say, Oh, I’m going to buy a house today. You want to have a plan around how much you can afford to spend on that house and really understand your finances before you get into that situation,” said Dale.

Dale adds that a good rule of thumb for how much you can afford is to plan for a third of your net income going toward that mortgage payment. ”So, if you are netting around three grand a month, $1,000 a month for a mortgage payment might be reasonable for you if you’re going into it with a spouse or significant other, applying for the loan, you can include both income,” said Dale.

She says you also want to understand which type of loan may be best for your situation. A loan officer can really help you with that. Dale also says get your credit in good standing before you apply for that loan.

Dale says to interview, several realtors. Pick one you feel comfortable with, who’s licensed and does this full-time.

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