Congratulations! You are ready to buy your first home! Becoming a homeowner for the first time might feel overwhelming, but by following a few simple guidelines, buying your first home can be a smooth process. Today we are covering three tips to consider before taking the leap to of buying your first home.
Buying Your First Home
Buying your first home requires research. It’s helpful to have a full picture of your current financial responsibilities and to go through the pre-approval process for a mortgage loan. You also want to find a reputable real estate professional to help you fully understand each step of the home buying process. After narrowing down these three things, you will be turning the key to your new home in no time!
Figure Out Your Finances
Talking about money is never fun, but to prevent yourself from being house poor, you will need to take a good look at your finances. Here are a few key areas to consider:
- Run a free credit report. Knowing your credit score will help give you an idea of how you will qualify for a loan.
- Make a budget. If you currently don’t have a budget, make one, so you know how much you will be able to afford.
- Start saving for a down payment and closing costs. The more you can bring to the table, the better.
Look at Loan Options
There are many different types of loans/mortgages you can apply for. Shop around at your local banks and credit unions to see what you qualify for and compare rates. Some banks lock in rates for a certain amount of time, so make sure to note your timelines on pre-approved loans and rates so you avoid repeating the application process.
Find a Reputable Real Estate Agent
Finding a reputable real estate agent is key to buying your first home. A local professional has an extensive understanding of the local area. They help you prioritize your needs and sort through various home listings.
Yantz Homeselling Team is located in Melbourne, FL. Give us a call to learn more about our unique process for helping Florida families find their perfect home.