5 Steps For First Time Home Buyers

Dated: 03/05/2018

Views: 344

A Guide for People Looking to Buy Their First Home

Are you fed up with living in rented homes? Landlords increase the rent every year and you also have to move from one home to another which is a very tiring process. Buying a home in your name is a good idea as it will give you a permanent address and also serves as an investment in your future. Many individuals start their house hunt in excitement but later find that buying a home is not a cakewalk. Here is a guide to make sure your endeavor is successful and hassle free.

Know your requirements

It is a great idea to know the requirements of your family before conducting a search for homes. It is better to set your priorities right before taking a step in this direction. Are you ready to bear the burden of monthly installments for the next 25-30 years? What type of house is best suited for your family‚Äôs needs? 


house-1407562_960_720

Find answers to these questions before looking for houses.

Save, save, save

Just because you are ready to give the rent you are paying towards your mortgage obligations  does not mean you have enough to buy a house. The purchase of a home comes with a down payment as well as closing costs, and other fees.

It is good idea to have a clear estimate in your mind and save that much money before embarking on the home buying process. It is better to save more money than you think you need to buy a house. You will be surprised how much more you need than just the down payment for the purchase of a house.

Check your credit

All lenders take a decision on your mortgage application after examining your credit report. They will also evaluate your debt to income ratio. Typical lenders look for credit scores at or above a 580. Different loan programs have different requirements.  Make sure that you have a decent credit score before applying for a loan to increase your chances of approval and a better rate of interest.

 

Shop for mortgage loan

You need not jump at the first offer of a mortgage loan from a lender. Different banks have different mortgage products. You would do well to compare these products and choose one that is best suited to your interests and work with a lender who has local knowledge and who you feel is attentive and you can connect with. It is never a bad idea to get a lender referral from a realtor, family member, or friend.


February 21, 2018 by realestateresource

Blog author image

Shawn Senecal

I'm a Licensed Realtor servicing the Davenport, Haines City, Kissimmee, Orlando, Poinciana, and Clermont areas. I specialize in helping investors and residential clients buy and sell their homes. I un....

Latest Blog Posts

The 1 Reason It Is Difficult To Find Your Dream Home

The #1 Reason It Is Difficult to Find Your Dream HomeThe headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation

Read More

Four Tips For Selling Your Central Florida Home In A Hurry

Four Tips for Selling Your Central Florida Home in a Hurry.One of the good things about the Kissimmee real estate market, if you are a homeowner, is thatthere is always someone looking to buy. Even

Read More

A REAL STEAL BALMORAL RESORT TOWNHOME IN THE DISNEY AREA FLORIDA

  Resort Style Living in this beautiful 2 story fully furnished townhouse on the private, gated  Balmoral community on Hwy 27 close to Legoland and easy access to the

Read More

Choosing Your First Home

Can I Afford the House I want?One mistake young homeowners make is overextending themselves on the price of a house. They can look at what a monthly mortgage payment can be and decide that if they

Read More