Are you ready to start shopping for your first home? Before you begin, take a look at these 9 tips to make your home-buying journey successful!
Few things are as exciting as making a real estate purchase – and few things cause more stress! To help you out, we’ve compiled a list of nine tips to help you navigate the process of buying your first (or second, or third) home. These won’t just reduce some of the anxiety, they’ll also help you avoid costly mistakes!
Get Expert Help with the Home-Buying Process! Did you know that Mortgage 1 loan officers can help you understand your financial status – and how that impacts your mortgage and real estate options? Call at 1-866-532-0550 or use our Pro SNAP digital app to get started.
10 Tips for New Home-Buyers
Know where and why you want to buy. The answers to these questions will help you understand what factors should be most important in your decision. For example, is your choice of neighborhood determined by your work, being close to family, or just that you fell in love with the area? Is this going to be a starter house that you’ll want to upgrade in a few years, or are you in for the long haul? Clarity here will help you make a purchase that’s in tune with the other parts of your life.
Give yourself a financial health checkup. Start saving and paying off as many outstanding bills as you can. Check your credit report and get any errors removed. If you do this now, you’ll have a better understanding of what your budget really is – and a jumpstart on the mortgage preapproval process.
Plan your budget and downpayment. Once you’ve gotten a clear idea of your financial status, figure out how much home you can afford and how much of a downpayment you’ll need – and can manage. Hint: Downpayment assistance is often available through state and other agencies.
Prepare yourself mentally and emotionally. This is a very hot real estate market. Competition is intense, so be prepared to deal with sticker shock and maybe some disappointment if some other buyer beats you to a house. Be flexible and don’t give up. And know that it’s not just you; most home-shoppers are dealing with the same things.
Review mortgage paperwork and requirements. Yes, there are mortgage professionals who will be reviewing these documents. But look them over yourself; not only will you be legally committing yourself to the terms, any mistakes you correct now will mean one fewer potential snag later.
Verify all information in the listing. Make sure the house you are purchasing is all that the sellers claim. Make sure all the features and amenities, all the room sizes, are as advertised.
Get a home inspection. This is different from a home appraisal, which is mostly about verifying the value of the house and any property. A home inspection looks for potentially costly building, health, and safety issues, and you don’t want to skip that.
Finally, remember that the mortgage provider you choose will have a big impact on your decision. Make sure you’re working with one like Mortgage 1 that will help you explore all your lending options and choose the one that’s right for you!