If you have been dreaming of being a first time home buyer in 2018 then you'll love this article.
I can imagine many first time home buyers have been working towards this goal for a long time.
Finally, that time has come. The vision is coming closer to realization and you will soon have that dream home you have yearned for. However, there are things you need to know before making that decision and commitment to buy a particular home. This article brings to you seven tips that will be helpful for you as a first time home buyer.
7 Tips For First Time Home Buyers
1. You need a down payment, so start saving
Set a goal of how much you want to save. Make a sacrifice and discipline yourself to start saving early.
In this era of digitization, it is easy to track your savings using an app. The app that most personal finance experts recommend is Personal Capital. Get the free Personal Capital App to make sure you're on track towards your savings goal.
Find out from your potential mortgage provider on how much deposit is required, so that you will have raised it at the set time. Saving may require you to forego some of the expenses you have been having, for example, eating out on the weekends.
However, at the end of it, the sacrifice is worthwhile.
Explore any possible and viable way of raising the down payment.
2. Pay off your past debts
You want to have minimal debts so that repaying your mortgage will be easy.
Clear any credits.
More so, avoid taking on any lines of credit that may affect your opportunities to qualify for a mortgage.
3. Research on the available homes in your property
Do not just fall into a trap of a single aggressive marketer.
Explore as many options to feel comfortable before making a final decision just like you did when you were in high school and studying using AP Review Books.
While the price may be a major determining factor, quality, security, neighborhood are among other key determinant factors.
Take time for example over the weekend, to visit various areas where there are houses for sale.
4. Explore on Mortgage options
Check out for what different mortgage products (VA, Conventional, ARM, etc) there are for you by checking websites like Quicken Loans or LendingTree.
Consider providers who have a proven track record in the mortgage industry and can get you pre-qualified for your desired mortgage loan amount for the best interest rate.
Want to see if you qualify for a mortgage? You can easily compare offers from up to 5 mortgage lenders at LendingTree in just a few minutes.
5. Check out for Seller’s Credibility
Do not just trust the seller, whether it is an individual or a real estate company. Do your own research.
Check out the authenticity of the property agents or seller’s documents regarding the property at hand.
The real estate sector can sometimes be filled with con people who pretend to be genuine, however, they target new buyers.
Take caution and involve your lawyer in the process.
6. Keep in mind your needs
Consider your housing needs in regard to the size of your family. Other important factors include access to your work, schools, and shopping areas, among others.
8. Save some money for moving in and settling
While buying a house is such an exciting process, you have to save some money for after buying.
You will most likely exhaust your savings in the process of buying the house.
But remember you will incur expenses such as transport while moving in.
In this regard, it is a great idea to set aside some money including for food after getting into your new home.
Summing it up
Though the process of buying a home for the first time may seem tiring and challenging, it does not surpass the joy of owning a house and being a first time home buyer.
Want to see if you qualify for a mortgage? You can easily compare offers from up to 5 mortgage lenders at LendingTree in just a few minutes.
This article was first seen on BeerMoney.co
