Decide what price range you want to spend on your home. You can usually afford a home that equals your gross income multiplied by 2.5.
Write down your 'Needs' for your home. List the features that you want your home to have, then put in order from 'Most Important' to 'Would Be Nice'.
Narrow your desired location to 3 or 4 neighborhoods. Make sure to take schools, future expansion plans, traffic and commute, and safety all into consideration.
Look at your available funds. Do you have enough to cover earnest money, down payment and closing costs?
Take care of your credit! Make sure to obtain a copy of your credit report, complete with scores.
Get prequalified for your mortgage. Talk to a TRUSTED mortgage professional to determine whether you will qualify for the mortgage amount needed for you to purchase in your desired price range. It is also important to talk about the different loan options that would fit your situation best.
Gather documents. Put together all the information that your mortgage professional has requested. This is an important piece of the prequalification process.
First Time Home Buyer Tips
Be realistic - Look for a home that fits your needs, but don't be unrealistic about homes. You won't find a 'perfect' one.
Make decisions before looking - Decide what features you are looking for in a home and prioritize which features are the most important to you.
Financial Stuff - Obtain your credit report, complete with credit scores. Think about your down payment as well as closing costs, and make sure you have money immediately available for earnest money.
Get prequalified - Talk to a mortgage professional BEFORE you start looking at homes. Have the ability to produce a prequalification letter when you go looking at homes.
Go with your gut! - Although it is important to bounce ideas of someone, narrow it to one or two people. The more people you ask, the more differing opinions you will receive and it will make your decision that much harder.
Define your time line - When do you want to move? Do you have a lease you need to honor? Are you allowed to sublet?
What is in your future? - How long are you intending on staying in the property? Are you there for many years or are you planning on moving around a few times? This will help your determine the type of home and mortgage terms that will best fit your situation.
Don't go for broke - Make sure you don't get in over your head. Remember to budget for maintenance, decoration and for the rest of your obligations.
Protect yourself! - Get a home inspection and ATTEND the inspection. This is a great way to get to know your home before your money is on the line.
Someone on your side - Make sure to hire a Realtor to represent your interests. In most cases, it won't cost you anything as the seller has agreed to pay the Realtor. This ensures that your interests are being looked after during and after the transaction.
Looking for more informative
real estate help - click here
To receive more information on buying a home, please fill out the form
below.
