Here are three important tips for first-time homebuyers in our market.
Today we’re excited to share the top three tips for first-time homebuyers to give you the best chance of success:
1. Start saving early. Having enough savings is an important part of the process. A typical down payment is 20% of the home price, and closing costs can add up to 5%. In our current market, having extra cash to make your offer more enticing is an excellent way to ensure it gets accepted.
2. Maintain your credit score. The biggest mistake buyers make is opening a new line of credit or getting a vehicle loan. This can greatly hurt your credit. Wait until after closing to make any big purchases. Don’t close any lines of credit, either; lenders want to see a debt-to-income ratio below 35%.
“Being able to act quickly is vital in this competitive market.”
3. Get pre-approved. Before you go out shopping, you need to know how much you’re approved for and what exactly you can afford. This also ensures you can act quickly when you find the right home, which is vital in today’s fast-moving market.
I hope these tips help you make the home-buying process a little easier. If you have any questions or need any assistance, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.