Buying a Home for the First Time
Are you ready to take the big step to homeownership?
Are you tired of paying a landlord every single month for something you do not own? Here are some tried and true tips for buying your first home!
1. Crunch the numbers and find out how much home you can afford.
What is your monthly income? What are your monthly expenses? Another factor you will need to consider is your credit rating. If you have a high credit rating, lenders will give you a favorable interest rate when it comes to writing your mortgage. If, however, your credit got somewhat tarnished and you only have a fair or perhaps poor interest rating, then you will have to pay a higher interest rate, which in turn will mean that you may be able to afford “less house.”
2. Shop around to find a lender who will give you the best possible rate and get pre-approved.
Pre-approval is the leg up in real estate! Not only will you know how much house you can afford, but sellers will look at your letter of pre-approval as a sign that you are a serious buyer, and that you have a lender who is ready and willing to write your mortgage.
3. Get a home inspection.
No matter how good the home looks, make sure you have a home inspector take a look. She or he can find hidden problems such as vermin infestations or water damage.
4. If all proceeds according to plan, you should now be able to close on the loan and take possession of your new home.
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