You have decided to purchase your first home! Congratulations!
Now what?
Let’s take it one step at a time. Buying a home can be a bit daunting. You’ll feel confident about the process when you’re educated and understand all the steps and requirements.
The first step is to know your finances. If you don’t know how much you can afford you may be looking at homes out of your budget.
- How is your credit? The higher your score the lower interest rates you qualify for. Check for free here: FREE CREDIT REPORTS
- How much of a monthly payment you can afford? Don’t forget to include real estate taxes and homeowners insurance in this amount. Click here to get an idea: MORTGAGE CALCULATOR. I have a page just for Finacial Tools to help you.
- Research different lenders or mortgage brokers. Each one has unique programs they offer. As a First Time Homebuyer you may be eligible for discounts or grants. If you need help choosing a lender or broker, ask your real estate agent, friends, family or your attorney for a referral.
- Get pre-approved for a loan. Now you know what you can afford. Let’s start seriously looking. When you want to see homes, some sellers require a pre-approval before they’ll let you in. You’re also able to put offers on any homes you like.
- Choosing the right Realtor Buying a home is a big decision and probably the biggest financial transaction you’ll make. Having the right Realtor working for you can save you thousands of dollars and help guide you to a home that meets all your requirements. You need someone who is extremely responsive, attentive to your wants and needs and a strong negotiator. It is also critical to know who that agent is representing. Check out my other blog post on Understanding Real Estate Agent Roles.
