1st Time Buyer Guide part 1

Talk to a real estate agent about the home buying process. You need a knowledgeable partner throughout this process. Choose someone who values your needs.

 

Get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. Mistakes are common and you want to make sure that there is no fraudulent activity. You have the right to dispute errors on your credit report. 

Find the right loan and lender most suitable for your needs.

Familiarize yourself with industry terms like debt to income ratio and adjustable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but definitely worth it.

Figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? One story or two story home? 

Consider the size of the down payment and figure out what you need to do to come up with the money for it.

Consider the resale value. You might plan on being there for a long time, but you just never know. 

Home inspections are an important part of the equation. Get them done correctly and by recommended professionals. 

Take note of deed restrictions, which govern what you can and cannot do with the property. 

Make sure you stay on top of things! Any number of problems can crop up at the last minute and delay the purchase of your home. If you are not sure about something with the paperwork, do not be afraid to ask questions. You might think of something that everyone else has overlooked.
Posted by: Ghellie Pilapil on