The Essential First-Time Homebuyer Tips for Success

Before you take the leap into the mortgage process, equip yourself with this important information first!

Buying your first home is one of the most important and exciting decisions in your life – you’ll finally have a place to call your own! As you begin your homebuying journey, make sure you educate yourself on some of the most important information to know in order to secure your success.

Review Your Finances

Make sure you can afford to buy and maintain a home with your existing income. Take into consideration: 

  • Down payment
  • Monthly bills, including the loan, utilities, water, internet, etc.
  • Property taxes
  • Homeowner’s insurance
  • Private mortgage insurance
  • Potential Homeowners Association fees
  • Any other bills or budgets that will play into your cost of living

Once you get a general understanding of where your finances stand and are confident that you may be able to live comfortably in your new home, it’s time to talk to a lender!

Consult with a Loan Officer

A professional mortgage loan officer will be able to help guide you through the loan process every step of the way. If you have any questions, a loan officer will be able to answer them. If there are any significant developments or progress, you’ll know right away.

Your loan officer will also explain any jargon you might not understand, review your documentation to ensure you are in the best position to buy a home, and get a sense of your financial goals to suggest the best loan for you and your family.

If it’s your first time buying a home, working with an expert will ease all of your concerns and help you navigate your journey!

Get Pre-Approved

A pre-approval is a written commitment from a lender to extend a mortgage to you for a specific amount of time. This involves an analysis of your financial status and credit history.

With a pre-approval, you’ll be able to understand how much home you can afford and gain an advantage over other home shoppers who are not pre-approved. Realtors are more likely to take your offer seriously, since a pre-approval shows that you’ve thought about the next steps and are ready to make a deal with a mortgage lender backing you up.

Work with a Realtor

A professional real estate agent will show you homes based on your preferences and price range. Make sure you choose your real estate agent carefully. They should be experienced, trustworthy, and have your best interests in mind.

If you choose to speak with a couple different real estate agents before you settle on one, ask them questions that will reveal their level of expertise and service. For example:

  • How long have you worked in real estate?
  • Is this your full-time job?
  • Have you sold other homes in the area?
  • How many total sales have you done in the last year?
  • Will you be present for the closing of my loan? 

Being fully prepared is key to your homebuying success. This means working with lending and real estate experts who are committed to getting you into your dream home and equipping you with the knowledge you need about the homebuying process!