Three tips to help first-time homebuyers find success.
Buying a home for the first time can be a daunting process. That’s why today we’re sharing three of our best tips to help first-time homebuyers understand what to expect so their transaction can go smoothly and successfully:
1. Connect with a quality local lender. A local lender will let you know what price range you’ll qualify for, as well as what your monthly payments might look like. Additionally, they’ll walk you through the different loan options available and set you up with the one that best fits your situation. Lenders will also help you get pre-approved, which is particularly important in today’s market because it shows that you’re able and committed to going through with the purchase.
2. Start saving cash early on. In a typical real estate transaction, the cash you’ll need on hand will be somewhere around 10% of the purchase price of the home. That includes your down payment, closing costs, and any inspections you’ll want to have done on the home. Having this cash on hand also puts you in a stronger position where you won’t need to ask the seller for assistance, which can only help your offer.
3. Be mindful of your credit. Don’t make any dramatic changes that could affect your credit. The last thing you want is to purchase a new car or switch jobs without first consulting your lender; these things can have a dramatic impact on your loan. If you have any credit issues or would like to know where your credit currently stands, reach out to me. I can connect you with our local credit repair consultant, who can look at your situation on a case-by-case basis.
If you have any questions about the home-buying process, don’t hesitate to give us a call or send us an email. We’d love to help you meet your real estate goals.