Warm Friendly and Professional

7 TIPS WHEN THINKING OF BUYING A HOME FOR THE FIRST TIME

Back to RESOURCES →

7 Tips When Thinking of Buying A Home For the First Time

  1. HAVE A BUDGET: Know what you can afford. When looking for a new home, make your search more effective by knowing how much you can afford. Carefully calculate the overall monthly payments. Be sure to include additional costs like property taxes etc.

  1. IDENTIFY YOUR POTENTIAL DOWN PAYMENT!

  1. FIND OUT WHAT AREAS where you would like to own a home, then connect with a real estate agent in that area. Make sure the agent is a local agent in that neighborhood and has insights into local matters like taxes, schools, new developments and other issues that may be important to you.

  1. GET A COPY OF YOUR CURRENT CREDIT REPORT, identify any discrepancies, and get them fixed as soon as possible ideally before you talk to a lender.

  1. DO NOT MAKE ANY LARGE CREDIT PURCHASES such as a Car, anything that will be a financial add on for a long time. Remember Large purchases, such as a car loan or lease, may impact your debt-to-income ratio. Changes to this number may affect your ability to qualify for the loan amount you require.
  2. MAKE SURE YOU HAVE A DOWN PAYMENT and closing-cost fund available in your account 60 to 90 days prior to closing on your home. Certain loan programs require "seasoned funds", meaning money has been in your account for a certain amount of time.