Are you a first time home buyer getting ready to enter the market? Brittany gives you her top 7 tips for first time home buyers and how to prepare for buying a home for the first time.
At the top of the checklist for buying a home for the first time is determining how much savings you have - especially if you are saving for a home down payment. In this seller’s market, you will also need to know how to calculate closing costs for buyers and factor that into your savings. Be also prepared to pay for other miscellaneous fees like the home inspection and appraisal, and factor in moving expenses for a home. You will also need to figure out how much home you can afford, and a major part of this would be assessing your maximum budget for home purchase. One of our sellers market tips is going under your maximum budget in order to give yourself some wiggle room.
Another important factor on the checklist is maintaining a high credit score and avoid incurring debt while you are preparing to buy a home for the first time. Finding a good lender for a home loan at this point will also help you identify which mortgage type is best for you. Mortgage types range from conventional loan for first time home buyers to FHA Loans and VA Loans. Typically mortgages with higher interest rates and lower monthly payments will run a longer term.
While shopping around for a mortgage loan, it is important for you to understand the different interest rates and fees associated with a mortgage. For example, understanding how to calculate mortgage discount points will help you assess whether you should pay extra money up front in order to pay less interest for the length of the loan. Don’t forget that there are also plenty of home buyer programs such as down payment assistance for home buyers which help first time home buyers get into homes.
Thinking about buying, selling or investing in real estate? Schedule Your Free Consultation! We pride ourselves in helping our clients realize their real estate goals through great communication, expert negotiation, and genuine service.
Brittany Guinane The Thomas Group - Love Local Real Estate (702) 605-2269 [email protected] thethomasgrouplv.com License S.0179182, S.0185994
