9 Tips For Purchasing Your First Home
Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to help make this process smooth and easy – we are here for you.
How Much Down Payment Can You Afford?
There’s an old belief that in order to purchase a home you need to be able to put 20% down. However, this is NOT the case. Most homebuyers today, especially first time, would have a difficult time affording that large of down payment.
Financing Options for First Time Buyers
Today, there are a variety of financing options available to homebuyers that can assist you with or give you the option of a very low down payment. Contact us for options that will fit your specific financial story.
How to Prepare
A good way to prepare is to set a budget by becoming familiar with all of your current finances and expenses. By knowing these numbers, you will be able to create a financially sound budget that will allow you to comfortably pay your monthly bills while keeping money aside for unexpected expenses.
Be realistic about your dream home and only look at what you can afford. Preparing a budget and speaking to one of our Loan Officers sooner than later will put you in the best position to buy you first home.
Mortgage Application Tips
It should always be your first step to talk to a Loan Officer. When contacting us, be aware of your credit score. Lenders are unable to approve you for a mortgage loan if your credit score falls below a certain number.
Avoid Potential Problems
To avoid any problems, do not apply for new credit cards, make any large purchases, change jobs, and make sure to pay all bills on time.
Getting pre-qualified puts you in the best financial position possible to begin shopping for homes. You’ll be able to look at homes within your budget and not run the risk of falling in love with a home you can’t afford.
Find a Good Real Estate Agent
You’re real estate agent will be your guide to current market knowledge. They will guide you towards your dream home, so finding an experienced and well-informed real estate agent will be imperative. Your Loan Officer can help you find a great local real estate agent that has your interests at heart and is familiar with the housing market in your area. Utilizing their knowledge to discuss your needs and wants will help pinpoint houses that will meet all of your criteria while staying in budget.
In a market where there are more buyers than sellers, having a good real estate agent on your side will help lead you to finding your dream home.
Don’t Skip the Home Inspection!
Finally found the house you’ve fallen in love with? A common mistake many homebuyers make to try and cut costs is foregoing the home inspection. However, if the house was previously owned, there are many benefits to getting a home inspection. It will make you aware of any costs you’ll need to put towards the home for maintenance or repairs, any safety concerns and forecast future costs.
Contact our team today so we can help guide you home!