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    8 Tips for First Time Buyers

    January 3, 2018


    8 Tips for First Time BuyersIf you are planning to buy your first home, you know that there are a lot of things to consider. Below are some tips that you can use to help you make the home buying process a lot easier for you.

    1. Know Your Budget

    This is going to apply to anything that you do in life – shopping in the mall, planning your next vacation or buying groceries. However, this is really necessary when you are buying your first home. This is the one that is the most important. Experts in the industry say that the expenses of the borrower shouldn’t be more than 36% of their gross income.

    2. Become Pre-Qualified

    Long before you start to look seriously at different homes you want to become pre-qualified to get a mortgage. You don’t want to find the house that you love and then not have the financing.

    One of the best ways that you can look around for the financing is to look at three kinds of lenders – regional banks, local lenders, big banks, mortgage brokers or credit unions.

    After you have shopped around you’re going to find the mortgage terms you like the best. Then you want to become pre-qualified and this involves giving a lender with different details about your income, assets and credit score. The broker is going to verify the information that has been given to them and then send you a letter that tells you the amount they’re willing to loan you.

    3. Deal with Debt

    Debt will come in all types. There is debt from student loans and debt from credit cards, along with personal loans and car loans.

    When you are dealing with these types of obligations, make sure old debt is squared away prior to filling out a mortgage application. If you’re unable to deal with the debt that you have you won’t be approved or you’re going to get terms that aren’t that good.

    4. Pinch Your Pennies

    Do your best with saving money now. This is going to help you with getting into good spending habits. Eat at home, make your own coffee rather than buying it at the local place, and maybe take a staycation rather than going on vacation. You want to be frugal.

    5. Choose a Home Inspector That’s Reputable

    This is something that every first-time buyer needs to do. Choosing a home inspector that is knowledgeable is very important and it can save you a lot of money.

    One good place to start is asking coworkers, family and friends if they can refer you to someone. You also want to speak with the broker, if you’re using a broker, along with your realtor.

    After you have a couple of names, the follow steps should be taken:

    • Do interviews – Make sure you’re asking questions about the process and the length of time the inspection will take.
    • Ask them for credential proof and organization association – This is a good way that you can check for any references as well as determine that the inspector is the person they say they are.

    6. Look at Your Surroundings

    Even though the kind of house you have is really important, you also should consider the neighborhood that it’s in.

    You should consider the following when you are looking at your home:

    • – Are the neighborhood streets and sidewalks in good repair?
    • – Who will your neighbors be?
    • – How near are important places to your home, like your child’s school, grocery store and gym?
    • – Is the area safe for kids, like is there a lot of people who are speeding on the street and is there good lighting?

    7. Don’t be Emotional

    Even though this is going to likely be hard to do, it’s a good idea to try to not become very emotional when you are buying a house. Think of it as a business transaction.

    8. Be Invisible

    When you are buying a house or trying, you want to stay invisible. Things such as new debt or overspending might stop the process. Here is a few ways that you can do this.

    • – Avoid making big purchases
    • – Avoid applying for new credit
    • – Avoid closing credit accounts
    • – Avoid moving money around
    • – Avoid missing or skipping payments

    These are some tips that you can use when you are buying your first home. Remember these tips and you’ll find that the process is a lot easier.

    Selling Your Home in Port Charlotte?

    CENTURY 21 Aztec & Associates provides comprehensive real estate services including land, acreage, commercial property, new construction, sailboat waterfront homes and motor boat waterfront homes with access to Charlotte Harbor and the Gulf of Mexico.

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