Did you ever think about how you get started as a first-time homebuyer? Planning is everything and getting a head-start on owning a home is just smart. You’ve heard it said over and over that a mortgage payment is usually far less than paying rent to a landlord, (nt to mention you build equity!) but getting from Point A (renting) to Point B (homeowner) takes some forethought.
- Be sure you’re ready to commit to a loan
The No. 1 tip for first-time home buyers that we can offer is to be sure you’re ready. The average mortgage loan term is 15 – 30 years. You might have to take a good hard look at your future plans and goals in order to choose the right location, area and type of home.
- Don’t skip the pre-approval
It’s a really good idea to get a mortgage preapproval before you begin comparing properties. If you’ve heard of a prequalification, it’s important to know how it differs from preapproval.
*A prequalification is an estimate of the amount of home loan you can get. It’s based on an informal evaluation of your income and other information.
*A mortgage preapproval is a document from a lender that tells you exactly how much loan money you can get. It’s based on your financial information, such as W-2s, bank statements and your credit score.
You and your Lake & Land Realty of Highlands Agent will know what you can afford once you have a preapproval letter in hand. This will help you shop within your budget.
- Maintain your credit
Now is not the time to open a new line of credit. When you apply for mortgage preapproval, lenders will pull your credit report. They’ll do it again before you close on the house and its corresponding mortgage.
In other words, be sure to keep paying your bills on time!
- Save for a down payment
One of the Federal Housing Administration’s (FHA) most important priorities is helping home buyers with the purchase of their first home. If you qualify as a first-time home buyer, you may have access to state programs, tax breaks and an FHA loan.
- List your needs, your non-negotiables and nice-to-haves
Your reason for buying a home will be your north star for making decisions about your purchase. When figuring out what you want and what you need, you might be surprised by your priorities and shared preferences! Above all, make a hard list of the “Gotta Haves”!
- Work with a Lake & Land Realty of Highlands Inc. Real Estate Agent
Work with a Realtor® to find the perfect property. Our Realtors® are local professionals who are experts in the home buying process and our local market.
We will help by:
- Showing you properties in your area that fit your needs and budget
- Attending showings with you to learn more about your priorities as a homeowner
- Helping you decide how much to offer for a property
- Submitting an offer letter on your behalf
- Helping you negotiate with the seller or the seller’s agent after you submit an offer
- Navigate the paperwork and process of homebuying.
- And so much more!
It’s an easy conclusion…Choose Lake & Land Realty of Highlands, Inc. for a qualified, professional REALTOR®. We will make your dreams a reality!
