As a first time home buyer buying your first home is an exciting milestone, and marks a significant step toward creating a space that reflects you. However, it’s a decision that should not be taken lightly. It involves careful planning, financial considerations, and a thorough understanding of the home buying process. We are here to provide you with the information and guidance you need so that you know that you are confidently making your decision to purchase your first home.
Purchasing a home is more that a financial transaction; it’s an investment in your future and place to build memories.
Here 10 Tips for First-Time Home Buyers:
- Before you make any financial decision you should read our Free Report – Money Mastery – You Must Know This Fact Before Choosing a Financial Product! You can get your copy by entering your name and best email address in the form below.
- Check Your Credit Score – your credit score plays an important part in financing your home. The lower your credit score, the higher the interest rate you will pay for your mortgage loan. Take the time to make sure you have a credit score above 700 before you look for financing. A 750 credit score is even better!
- Start Saving for A Down Payment – Typically most lenders require anywhere from a minimum of 3.5% of the purchase price as high as 20 percent. At 20% or higher, you are not required to have Private Mortgage Insurance (PMI), which will reduce your mortgage payment. If you are a veteran, the Veterans Administration has a Home Loan Guarantee Program that allows veterans to buy a home without needing a down payment.
- Define Your Needs – When you clearly define your priorities for your home, you help streamline your search. Things like location, school district, square footage, ranch or multiple stories, lot size, Home Owner Association (HOA) Fees, or whether it’s in a subdivision or on land you own.
- Have an Emergency Fund – Your cash reserves can make a difference with your mortgage lenders decision to finance your mortgage, and provide you with peace of mind. A typical Emergency Fund should have three to six months of living expenses to ensure you are able to survive a financial hardship.
- Stay Flexible – Regardless of how well you define your needs, your first home may not have every feature on your wish list, but it still can be a perfect fit for your lifestyle.
- Get Approved – when you know how much you are approved for before shopping for your first home, it helps you present a stronger offer to sellers.
- Professional Support – when the time comes to start looking for your home, work with experienced professionals to include real estate agents and mortgage lenders.
- Get A Home Inspection – A thorough home inspection to identify potential issues. It’s crucial to know what you are investing in.
- Get An Appraisal – An appraisal protects you and your lender. It ensures that the property’s value aligns with the purchase price.
This is but A Guide for First Time Home Buyers, but can be used by anyone to ensure they are making an educated decision when it comes to buying a home.
Your dream home awaits, and we’re here to guide you every step of the way. Take your time, ask questions, and make an informed decision.
If you have bad credit, we have a program that will help you improve your credit, provide down payment assistance, and financing for your home!
For information about our Home Ownership Program, text Home Ownership to 855-927-4140.
To get your copy of the free report talked about in TIP Number 1, enter your name and best email address in the form below:
