Tips For First Time Home Buyers
Tips For First Time Home Buyers: Deciding to own your first home is an exciting step towards complete independence, but it can also be a difficult time for the uninitiated; first time home buyers looking to buy a home without much knowledge of the mortgage lending or real estate market risk giving up all their leverage in the transaction.
Here are 4 Tips For First Time Home Buyers to guide you through the correct moves you need to make in the pursuit of buying your first home:
Know How to Find an Expert Real Estate Agent
Your Realtor is more important than you might think. Many people assume that Realtors are only important in selling a home, and that with all the technology at your fingertips in the modern age, you can find your dream home on your own.
The truth is that most people find their future home through Realtor referrals. Your Realtor will assess your budget and search their network for a home that fits your needs, as well as walk you through the faciliation of your first home purchase.
Reputable and reliable agents in your area will have references, and you’ll likely have already heard their name from being recommended by friends and colleagues. We specialize in helping first time home buyers navigate the housing market, understand their mortgage circumstances and see themselves in their dream home.
Understand Your Mortgage Rates and Other Costs
While it’s important for first time home buyers to get approved for loans that work for them, the costs of owning property is so much more than just a mortgage. Taxes and homeowners’ insurance also factor into the cost of owning your home, but are not often considered by people entering the market for the first time.
An expert Realtor can help you navigate the market, add up the costs of living in your new home and help you get the loan you need.
Get Your Mortgage Squared Away First
Many first time home buyers are so eager to finally own a home that they do things out of order, and end up frustrated by the buying process.
We recommend talking with lenders to find out what your options are in the way of mortgage principals, terms and interest rates and then using this information to build your budget, rather than guessing your budget, shopping for a new home, and then being told by the bank that you won’t be able to get a sufficient loan for the dream home you’ve already set your mind on.
One Loan at a Time
Independence can happen fast, but also be a scary situation for a first time homeowner. You might be tempted, after you’re mortgage is approved, to celebrate your new life by purchasing a new car or taking out another loan for a variety of other reasons.
Be careful. It will take time for your budget to adjust to mortgage payments in a way that builds understanding of how home loans work and how to avoid establishing bad standing with lenders and mortgage brokers due to late payments and other repayment troubles.
In the wake of a new home loan for first time home buyers, make sure to be conservative with both your budget and your savings, and you’ll find yourself comfortable and happy in your new home in no time!