The thought of buying your first home can be thrilling and terrifying all at the same time.
However, there’s really no reason to panic. With a little planning and education, you can make buying your first home an enjoyable experience.
Check Your Credit
You wouldn’t believe how many borrowers are shocked and surprised by what they see on their credit report. There may be errors that are negatively affecting your score, or you may not have noticed you had a late payment last year and now it’s dinging your credit score.
Luckily, there are credit solutions and rapid rescore programs that can improve your score quickly. It is important to look at your credit score far before you are ready to house shop, so you have time to do some clean-up if necessary.
Find Out What You Can Comfortably Afford
No one wants to be house poor or feel overwhelmed by the new mortgage payment. It’s important to realistically look at your goals and your current income.
If you aren’t quite there financially, don’t rush it. Wait until you can get the house you want in the area you want.
Don’t settle for something you really don’t want just because you can afford it. Remember to factor in monthly expenditures like homeowners insurance, HOA fees (if applicable), maintenance costs and an emergency fund for unexpected issues.
Home ownership is much more enjoyable when you are living within your means.
Shop Around For The Best Deal
When shopping for a mortgage it is important to look at all your options. You’ll want to find the Best Mortgage Company for you.
Contact a reputable lender, like Sun West Mortgage, which has a solid reputation for helping first-time homebuyers. Not only will they be aware of the programs specifically designed for home buyers like you, but they also have resources available to help educate you along the way.
They can work to ensure you get the best rate and terms available.
Enlist Help From a Qualified Realtor
Buying your first home is no time for a DIY project. There is too much at risk to simply go it alone.
An experienced real estate agent who is familiar with the area you want to live in is vital. Let them help you find the right home at the right price.
Find a realtor who is truly interested in helping you find the right home not just interested in making a sale.
If you’ve been dreaming about your first home and are finally ready to take the next step toward homeownership, do yourself a favor and take your time so you don’t have any regrets. Clean up your credit, be realistic with your finances and find a lender and a realtor who can help make this dream a reality.
Verify your eligibility for down payment assistance.
Were you aware that thousands of down payment assistance programs exist in the United States, which can assist in obtaining the necessary funds to purchase your first home? Online platforms such as Stairs Financial can aid you in identifying all the application programs you may be eligible for, including those offered by government entities and non-profit organizations.