5 "Must Knows" for a New Home Buyer
Buying a new home is an equally exciting and terrifying event, we're here to offer some professional advice!
Straight from the professionals, here are their top 5 tips for first time home-buyers!
1. Save money for a down payment and closing costs
Though there are many first-time home-buyer programs and down payment options, having money set aside will be a huge buyers advantage. There are more costs than just the down payment, this set-aside money will also help cover closing costs, insurance, and after move-in costs like furniture. You'll want somewhere to sleep when you move-in!
2. Know your credit
Your credit is one of the main factors being taken into account when you're being approved for a loan, so look for any opportunity to improve your score. It can also determine your interest rate and affect your loan terms. Make payments toward the debts you have and avoid opening new credit accounts (auto-loans or new credit cards) to keep your score from dipping.
3. Know your top five must haves for your new home
Do your homework! Have your top 5 must haves in your new home to help narrow down your search. Having your list will help your realtor to better understand your wants and need, if you have too many options you'll burn out fast.
4. Get Pre-qualified
Getting pre-qualified will give you an estimate on how much a lender will be willing to lend based on your income and debts. Being pre-qualified will show your realtor that you're serious and allow you to know your price range. Later you'll want to get pre-approved where the lender will sit down with you and give you a solid commitment on how much they will be willing to lend you.
5. Use a realtor you trust
You deserve someone who knows the market, is dependable, and has your best interests in mind. Your realtor should be a master negotiator and an expert in their field. At the Mary Ellen Vanaken Team our agents are all of the above plus so much more. We go above and beyond for our clients! Check our reviews and ratings to see what others have to say!
Keep an open mind while house-hunting! Your first home more than likely won't be your last but be sure to keep your future in mind while looking, 2-3 years down the line is a sweet spot.