Buying your first home doesn't have to be stressful. If you follow these simple steps, purchasing your first home will be a good experience.
Resources: Understand what you're getting yourself into. Go to the library or search websites that informs you of the current market, mortgage, home buying programs etc. Attend local seminars for homeowners. There are mortgage costs, down payment and closing cost to think about, so do your homework.
Affordability: Sit down with a sales professional and calculate how much you'll be able to afford each month towards your mortgage. You want to take all cost into consideration including down payment, property taxes, homeowners insurance, house bills, maintenance etc. If you have children, will you be able to afford both them and the new house?!
Mortgage payment: As first time homebuyers, no one wants to be rejected for a home loan. Instead of getting your hopes up and finding a home of your dreams and then applying for the loan, reverse it. Get pre-approved for a home loan first, then understanding your price range, shop for beautiful homes that you can afford. Now, not only will you be a happy shopper, but your seller will be happy because it shortens the purchase process.
Down payment: Down payments vary for each home and state. There are government funded programs that help first time home buyers purchase a home without a down payment but again use your resources. Ask a real estate professional for more information and guidance.
Making offers: The worst thing a homebuyer can do is be pressured into a sale. shop around for homes, don't just settle fro the first one you lay eyes on. When you do find the home that you fall in love with (that's within your price range) ask your real estate professional any questions you may have about the property. You should never close with questions unanswered. However, be wise on how long you hold out to place an offer, you don't want to miss the opportunity of getting a good deal before other buyers.
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