Congratulations on getting ready to buy your first home! It is an exciting time when you embark on this big milestone in your life. Purchasing your first home is a big decision, and you will definitely need to do all your research to get as knowledgeable about the process as you can on facts for first time home buyers.
It may be kind of daunting to know this will be one of the largest purchases you make in your life, but it is also one of the most rewarding. Asking questions and being prepared for the journey will be your biggest asset. Let us help you figure out things along the way with home buying tips we think will be beneficial to know ahead of time.
Find What You Can Afford
You will need to get pre-approved for a loan, but make sure it is for an amount you can afford. Almost always you will be approved for more than you think. Take into consider other expenses that will come up like property taxes, utilities, other bills, and an emergency fund. Also, check out the different types of first-time home buyer loans that will be valuable in finding something you can comfortably afford.
What you do with your money before buying a house is important in this process. A good credit score will be a big aid in securing a lower interest rate. Things like paying off credit card balances and making sure bills are paid on time is what bumps up that number.
Don’t Put All of Your Eggs In One Basket
Odds are you will be looking at multiple houses. It is best to go in with an objective mindset when walking through each one. We understand the excitement and fun of seeing what is behind each door you open, but we recommend not falling head over heels for any one house until you are further along in the home buying process. There are a lot of moving parts when it comes to selecting and buying a house, and things like loan approval or inspections may not always go the way you want on that one home you are over the moon about. Find certain qualities in multiple houses that you love, that way you’ll have multiple options you love.
What Are You Buying For?
It is a good measure to think about what your long-term needs are in a house. Make sure the home you choose is adaptable to how you see yourself living for years to come. Do you plan on starting a family here or maybe you are dreaming of building a backyard oasis? When looking at houses, keep in mind the space that you need for what you want.
Mortgage Rate Is The Big Number
You may think that the most important number when it comes to home buying is the listing price of each house, but that’s not exactly the case. Mortgage rates are ever-changing and we recommend watching their trends for the best time to secure a lower rate. Shopping around mortgage companies is also a great way to help you compare for not only a lower rate, but good customer service as well.
At Home Buyers Express, our priority is putting each of our clients at ease when it comes to buying or selling their home. We have over 20 years of experience and pride ourselves on being one of the leading real estate firms in Maryland. Check out our website to hear from other clients that we helped or give us a call to speak with one of us directly.