First Time Buyers
Are you ready to buy your 1st home?
Buying a home may be your dream, but it can also be a stressful experience, especially if you are a first time home buyer. Buying a home is one of the biggest purchases in your life so you need to make sure that you are financially and emotionally ready for the responsibilities that come with home ownership.
Here are some tips to help you navigate the home buying process smoothly:
Determine How Much You Can Afford. You need to know how much you can afford before starting your home search. Use a home affordability calculator to determine how much you can afford monthly.
Start Saving for a Down Payment & Closing Costs. Determine how much down payment you can afford and save towards it. Most lenders do not require a 20% down payment but keep in mind that putting down less means higher costs and private mortgage insurance. Also saving for the closing costs ahead of time will prepare you in advance.
Check Your Credit. Your credit score will determine if you’re approved, the interest rate and the loan terms.
Research Mortgage Options and Compare. Decide which mortgage option is best for you- a 30 year fixed loan, adjustable-rate loan, etc. Compare mortgage lenders’ rates and fees. We recommend comparing at least 3 mortgage lender quotes to save money in the long run.
Get a Pre-approval Letter. A pre-approval letter and pre-qualification are not the same. A pre-qualification is an estimate of what a lender may be willing to mortgage. A pre-approval letter is a letter that confirms how much a lender will mortgage after a thorough investigation of your finances. Having a pre-approval letter will give you a one-up on other buyers that have not taken this step, and show sellers that you are a serious buyer.
Determine How Much You Can Afford. You need to know how much you can afford before starting your home search. Use a home affordability calculator to determine how much you can afford monthly.
What type of Property Do You Want and Where Do You want to Live? Determine what type of property best suits what you are looking for. Is it a single-family home, condo, townhome, etc.
Then think about the city or area you want to live in. What type of neighborhood is right for you and your family? Do you want a tight knit suburban community, or a vibrant city downtown. Some things to consider are surrounding schools, proximity to your work and other businesses.
Compromise and let go of the little details. It is very difficult to find a home that has everything you have on your “wants” and “needs” list. Stay objective and weigh out the pros and cons of every property.
Find the Right Real Estate Agent. The Real Estate Brokers at Prime Real Estate Company are dedicated to working hard to find your dream home at the best price. We will work diligently to accommodate your needs and make sure the buying process is a successful and easy one.
Make a Strong Offer. Our Real Estate Brokers will provide you with the knowledge and expertise to help you to make a strong offer on the property of your choice. Remember, the seller can always reject or counter offer so do not set your heart on every property that you put an offer on.
Inspections. Once your offer is accepted, a property inspection is necessary to check the home for mold, asbestos, argon, lead-based paint, pest activity, faulty equipment, etc. We can recommend the right inspector that fits your needs and will personally attend the inspection.
Closing. On the day of closing, our Real Estate Brokers will do a final walk-through of the home to ensure everything agreed upon is completed. We will remind you to turn on utility services the day of closing and ensure that all closing costs have been taken care of either via electronic wire or a certified check.
Prime Real Estate Company would love to help you throughout the home buying process. Contact our office today to receive more information on buying your first home.
Contact us or fill out the form below to discuss the type of property you are interested in buying.
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