Buying a home is a big deal. But buying your first home is the biggest, scariest thing out there. Until this decision, you have lived in apartments, your college dorm room, and in your parent’s home. When you lived in these places, it was always an option to move if you didn’t like the area or the landlord or even the way the place made you feel. But when you decide to buy a home, you can’t just pick up and move if you don’t like the location. You are stuck until you earn some equity in the home and even then moving is now so easy. So how do you find a home that you will love? Or how do you buy a home at all? Well, we have you covered, welcome to our first time homebuyer’s guide!
Research and Plan
Before even talking with a real estate agent, it is important to decide how much you can spend per month on a home. Talk over what you are comfortable with and review your debts, monthly expenses, and how much you can spend. Use an online mortgage calculator to see if you can afford the monthly mortgage payments. The next step is to find out your expected monthly payments. Include taxes, homeowner’s insurance, utilities, home owner’s association fees, and even ground rent is all something you may face once you move into your own home. It is also important for you to examine your current credit. Check your credit scores to see if they could use some work or if they are just right. After you do this research and decide it is something you want to move forward with, call Simply Referable.
Finding a Simply Referable Agent
Simply Referable has many years of experience working with first-time homebuyers and we’d love to work with you. We will walk you through the entire process and help you find your dream home. We will also talk to you about the current real estate climate in the area to see if you should buy right away or wait for the market to change again.
Start Saving and Get Pre-Approved
Your savings account should be growing from the day you decide to buy a home. You will need to save money for both the down payment and the closing costs associated with buying a home. While there are programs that help people with both the down payment and closing, it is important that you have savings anyway and will reflect well to the mortgage lenders that you are fiscally responsible. Now that you have savings and a real estate agent, start applying for loans. This pre-approval will help you have an idea of how much home you can buy for your money as well as where to start looking. The first place you should apply is with your own bank or credit union. These places will give you a good rate and increase the chances of being approved. You can also apply for a First Time Homeowner’s loan with the Federal Housing Administration (FHA). This program insures the mortgages of first-time homebuyers and only requires a 3 to 3.5 percent down payment for first-time homebuyers. After securing your loan, it is time to start your house hunt with Simply Referable!
When you choose Simply Referable for your first-time house hunt, you will be guided with a helping hand to the home of your dreams. For more information or to start your search today, call Simply Referable!
First Time Homebuyer’s Guide with Simply Referable
The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.