Categories: Home Buying Guide, News | Posted: April 12, 2018 | Comments Off on Checklist for First-time Home Buyers
Buying your first home is both an exciting and a nerve-wracking process, so make it easier on yourself by doing some thinking and planning ahead of time.
Here are some key aspects to consider when buying your first home:
• Define your ideal home. Look at location, size, and style that fit the needs of you and your family.
• How much do you want to spend? Clearly, a new home is one of the biggest investments you’ll make, and it will require a significant portion of your monthly income. Give this some good thought.
• How much can you afford? Your mortgage lender will also help you determine this answer.
• Plan for unexpected expenses. Things will come up, so think about setting aside a percentage for surprises.
• Check your credit score. Lending institutions look at credit scores, so check yours early. If you see any issues, work to get those cleared up.
• Ask questions about a good mortgage lender. This professional can be a great resource and partner throughout the process and can help cut down on the stress on the financial side. Ask for referrals and talk to several before you make a decision.
• Save up for a down payment. You’ll need cash to put a down payment on your home, and how much depends on multiple factors. It’s always good to have a little extra set aside, so it’s never too early to start saving.
• Find a good real estate agent. This individual, along with the mortgage lender, is another key partner for you in the process and can help answer many of the dozens of questions you’re going to have. Rely on them.
• Don’t forget closing costs. This will be a factor in your cash savings, so get an idea of this and start saving.
• Create a system to track your paperwork. Keeping yourself organized will help you pinpoint what you need quickly and reduce your stress throughout the process.
We’d love to be a resource for you as well as you start thinking about and planning for your first new home. Give us a call anytime, and we’ll be glad to start the conversation!