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Tips For First Time Home Buyers
from: Maxx Home GuidesMost people have a dream of living in their own house. If you've worked hard and been able to save enough over the years, then you have have a chance to finally live that dream. However, before you jump in and start looking to buy your first home, take some time to do some serious preparation to ensure everything goes the way you want it to.
Buying a house is a fairly complex process so be prepared by considering these mortgage tips:
Pay Off Your Debts
Rather than saving up for a house, why not first pay down or completely pay off your debts? For many, this is a more sensible plan of action keeping all those hard earned dollars in a bank acount. Debts, including your credit card debt, actually limit your ability to save and when applying for a home loan, lenders are going to take an indepth look at your credit history to help them determine how much you can borrow.
Evaluate How Much You Can Afford
You're going to have to figure out two main things about your current situation before buying a home -- how much you're planning to put down and how much you can afford to borrow. Your mortgage payments should be below 30% of your annual gross income in order to satisfy the requirements of your mortgage lender.
Understand Loan Types
You discover that there are some government-sponsored institutions (Freddie Mac and Fannie Mae) who can provide home loans at an affordable price. You can seek out private lenders who may be able to offer you, as a first-time buyer, a great package that will suit your needs. If you own bank offers mortgage loans, however, this may be your best option since they already have knowledge about your credit history.
Shopping for Real Estate
Once you have your finances worked out, it's time start shopping for your new house. You may want to contact a reliable and experienced real estate agent who can offer a number of options. Choosing the right neighborhood for you and your family is critically important to your future and an experience agent should be able to advise you about various neighborhoods. You might want to make a wish list of all the features you're looking for in a property and use this as a reference and see how many you can find in one house. It's important for you to personally inspect each house and determine which one comes closest to your wish list. You'll likely have to make some compromises, but with some perserverance and a good real estate agent, you should be able to come close to finding your dream house at a price you can afford.
Making an Offer
Once you've found what you're looking for, discuss it with your real estate agent and prepare you offer. Your agent will guide you through the negotiating process with the seller regarding pricing and other terms and conditions. You should always put your agreement in writing and signed by both parties. Read and reread all statements in the contract before you sign them and if there's something you don't understand, make sure you get it clarified before finalizing the deal.
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