Top 7 Tips for First-Time Home Buyers

Tags: Buying, first-time, homeowners, Tips

Top 7 Tips for First-Time Home Buyers

If you are thinking about purchasing your first home, there are some things that you can do to make it a “smooth ride”. While using traditional methods like a real estate agent is a good way to look for new homes, there are many alternative means of searching without having to sacrifice neither time nor energy.  That way, you can avoid being “oversold” by someone who may not have your best interests at heart.  Here are 7 tips to consider:

Make sure that you have a dollar amount in mind of a house that you can afford. That includes not only the cost of your mortgage, but also the taxes and insurance. When you have crunched some numbers on realistic housing costs, you should stick to that amount and not even waste time looking at houses out of your range.

Get prequalified by your lender ahead of time to avoid delays in closing costs – or worse yet – disappointments in case the bank says “No” after you already have your heart set on a home you want to try to buy.  This saves a lot of days waiting for closing, also. Check out Guaranty Mortgage for your pre-qualification.

Use the internet to narrow down properties.  Then you won’t have to even leave your home to browse though tens of thousands of homes. Looking for a home online can give you more angles, like aerial views and views of the neighborhood.  You can narrow down some selections before ever stepping out the door.  Sometimes real estate brokers show homes you may like and within your price range; only to get to the neighborhood and find it is undesirable – with too much traffic or next to railroad tracks, etc.  Some online showings even present a 360 view of the home’s interior.

While you wait for your home purchase to go though, pack early to avoid last minute scrambling. One of the last things you want to do when you are moving into a new home is hurry. This is when things get lost somehow, creating stress and frantic measures.  Have a yard sale weeks ahead of time and put things in storage if you want to keep them until the purchase of your new home goes through. This should make your move a seamless one.

Another great step in getting your first home is to scout the surrounding areas of the desired home to shop for comparable prices.  You can do a search yourself of comparable MLS Listings and that will ensure that you are not paying too much for a home that is in a neighborhood of low value.

Check your credit long ahead of time.  You never know when some last minute snag could hold up the process from a debt that rears its ugly face, or if some mysterious bill that never got paid shows up, which can bring down your points and lead to a hassle with mortgage financing options.

Speaking of credit reports, there may be a lot of other paperwork to fill out.  Get paperwork organized in advance.  Things you need to gather may include bank statements, profit/loss statement, tax returns (at least 3 years in some cases), credit card and debt figures, paycheck stubs, identification, and more.  Have this ready and on hand in case they ask for it!

Being prepared will make the purchase of your new home a seamless transition, even though there may be frustrations along the way. Doing your homework can save you a lot of headaches and heartbreak.  Make your first home purchase one to remember by following these great tips.

Ready to purchase?  Find some great, affordable options on our website:

Florida – Jacksonville, Orlando, Melbourne, Tampa
Texas – Austin, San Antonio, Dallas, Houston
Carolinas – Charlotte

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Tags: Buying, first-time, homeowners, Tips