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2019-09-24 10:02:45
09/23/2019 - 09/27/2019

First Time Home Buyer Tips             

When you are starting to get into the process of buying a house it could seem very complicated. You might not know how to start or not know which important thing should be focused on first. 

 You should know you are not alone and when asking for help their aren't any questions that you ask that could be unnecessary. Between down payments, credit scores, mortgage rates, property taxes, interest rates, and just closing the deal there's a lot to cover that you need answers for. It's very easy to feel overwhelmed during this process. There is so much to understand when buying your first home. That's why we're here, to provide you tips so that way there is a little less to worry about. 

   First Tip: Budget Your Money            

 The first step as a first time home buyer is to figure out your finances and start to budget your money. Buying a new home requires a mortgage, where a lender loans you money and you pay it back over time.

You can calculate a monthly home payment to help you decide what kind of home you can afford. Once you have this certain amount then you can discuss it with your lender. Your lender will then help you understand what will be included in your monthly payment.

Making sure you can meet your projected future home payment is the most important part of successful homeownership. Mortgage calculators online such as Quicken Loans, Lending Tree, or even Rocket Mortage by Quicken Loans. These calculators will show you how much you'll pay toward principal and interest every month.


 Second Tip: Know Your Credit Score            

As a first time home buyer, you will need to know your credit score and see if you're in good standing. Your credit score is a statistical numerical summary of your credit report. This is personal financial data that indicates how well you've paid off past debts such as credit cards or loans. 

A credit score gives lenders an idea of your credit risk and worthiness. Lenders could see how likely or consistent you are to paying your debts on time. A credit score tries to determine the amount of risk involved in lending you any money. lenders could then look at activity related to your score, then review details from your past and present and see if you can be qualified.

Also, whoever you choose to be your lender make sure they are trustworthy and show responsibility.
This person should listen to you, put your needs first, easily communicate to you and they should be able to explain your home loan options in plain terms so you could understand every detail of where your money is going. 

I encourage you now to look at your credit score to see if you are in good standing. You could check your credit score by visiting the website TransUnion, CreditKarma, and MyFico.Once seeing your score you can now get a better understanding of how and when you should start purchasing a home. 
   Third Tip: Get a PreApproval             

 Once you start looking for a home and check your credit score you should seek pre-approval from a lender for a home loan. Pre-approvals allows the lender to analyze some of a borrower’s credit profile information to determine if they meet specified lender characteristics. This is where you meet with a loan officer, ideally a few at various mortgage companies.  

The loan officer will look over your financial backgrounds very closely and use this info to determine whether to loan you money and what size monthly payment you can afford. The information that the loan officer will give you can help you target which homes can be your price range. This could help you figure out the location of your home and how to budget yourself.
   Fourth Tip: Hire a Real Estate              

Once finding a specific price range and getting approved by a loan officer you will want a real estate agent to help you meet your goals. Your real estate agent could help you with your price range, give you the knowledge, research, marketing tactics, and negotiation skills to help you with your plans when buying a home. 

 The point of Real Estate agent is a person who will help you narrow your search to guiding you through the negotiation process. They are there to help you find the right set of houses and explain all of the implications of buying a home along the way.

When hiring a real estate agent you would want someone trustworthy, someone who is easy to communicate with as well as to others, and someone who has had plenty of experience in selling a home. We at 1choice real estate could help you better understand what your needs are, no matter what your budget is. We will be with you throughout every step of the way.  
   Fifth Tip: Finding a home             

After hiring a real estate agent that you trust and understand, you can then start setting up appointments to see homes you might want to see in person.

Once looking online and finding different homes that you like its best to narrow down your home search. You can separate your search from the ones that you feel you need from those that you feel like you really want. A home could have all the features and utilities but maybe not in your price range so you can then narrow what you're looking for.

Once finding your home the best tip is to hire a home inspector to check out the house from top to bottom. Hiring a home inspector to determine if there are any problems with the house you like will make you think twice about moving forward.

Hiring a home inspector usually, they will have to look over faulty foundation, mold, flooring, roofing, plumbing, electrical or any that can go wrong when buying a house. However, if problems do arise and there is something that needs to get fixed usually these problems could be handled. 
  Sixth Tip: Closing (Congratulations!)            
After following these steps like finding your home, understanding your realtor, and working with your loan officer you are officially ready for closing. Closing or some people call it escrow or a settlement brings together parties who are part of the real estate transaction, including the buyer, seller, mortgage representative, and others.

Closing is the day you officially get the keys to your new home and pay all the various parties involved. That will include your down payment for your loan, plus closing costs, the extra fees you pay to process your loan.

So once you're done with closing, and got your loan from your loan officer Congratulations, you've officially a homeowner! I hope you enjoy your new home and create nothing but exciting new memories.  


Blog Archive
2019-09-24 10:02:45
09/23/2019 - 09/27/2019

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