Credit blemishes won’t necessarily keep you from getting a home but could cause higher interest rates. This means you could end up paying much more for the home of your dreams. Requesting your credit report is a good way to double check against items popping up on your report that could hinder you buying your first home.
As a first time home buyer, save time and money by getting pre-approved financing in place before you do anything else. This will not only give you an idea of the budget you should be looking at but will also help your Realtor identify properties within that budget.Don’t wait until after you’ve found a home to get financing. Chances are the home you want will be off the market by the time you get through the financial process of buying a home.
There will be costs associated with your new home before ever signing on the dotted line. Appraisal costs, closing fees, survey costs, homeowner’s insurance, processing fees, and underwriting fees just to name a few. Don’t worry; your Realtor will guide you through every step of the home buying process.
Your Realtor can also help you look at options to buying a home for the first time with no money down. This will leave more breathing room for those other expenses.Be sure to discuss this with your agent. Other factors to consider in your new home search will be property taxes, HOA fees, maintenance costs, and miscellaneous expenses.
What type of agent do you need to buy a home? Believe it or not there are many roles in real estate so be sure you are looking for a Buyer’s Agent. This type of agent represents you while the seller has their own agent, a Seller’s Agent.Not only will a Buyer’s Agenthelp you in your search for a new home, they will also assist you with setting up home inspections, negotiating prices based on market research, submitting an offer to the Seller’s Agent, and are by your side when it’s time to sign the contracts.
When it comes to buying a home for the first time, make a list of your wants and needs.How many bedrooms will you want? How many baths? Is there a specific neighborhood you are looking at? Are the area schools important to you? You may not find everything on your ‘want’ list but your Realtor will help you get pretty close. Most important, if you find a home that suits your needs don’t delay in putting in an offer.