Five Tips for First-Time Buyers

This week I want to give you five tips if you are starting to think about buying your first home. There are definitely some things you can do before you even get serious about looking for a home. Below are the top five tips to help you prepare, so that when the time comes you are ready to find your dream home you are ready!

#1 Start saving today — It’s never too early
There are many costs associated with buying a home besides the down payment. These are just a few:

The deposit. This is the money you put down when you are placing an offer. This shows the seller that you are serious about making an offer and you have some skin in the game. This deposit will go toward the purchase of the home at closing.
Any inspections that you want to have done on the house. This can include the full house inspection, septic inspections, water tests, etc.
All the closing costs. This can be 3-5% of the price of the house.

#2 Decide how much you can afford
A good rule of thumb is to spend less than 28% of your monthly gross income. If you have credit card debt or high car payments, you may want to spend less than that.

#3 Check your credit score
If your credit score is less than 620 you should work on getting the score up. Your credit score is what lenders will use to determine what interest rate you will pay on the home. The higher your score, the lower the interest rate.

#4 Explore mortgage options
There are different types of mortgages and there are different reasons you would want or need to use each one. One of the things that may help you determine which type of loan to use is how much you are able to put down on the house.

#5 Meet with a mortgage lender
Before you ever look at a home you want to meet with a lender. He/she will take all your financial information and determine how much the bank will lend you depending on, among other things, your debt-to-income ratio. They will help you find the loan options that will be best for you. Once they have that information, they will give you a pre-qualification letter. This letter will be submitted with any offers you make on a house. Having this letter, in many cases, can give you an edge over other buyers that don't provide one.

And I would add one more —

#6 Find a reputable Realtor^® to guide you through the process
Seekers and Sellers Realtors® would be happy to help you do that. We can promise you that we will be with you every step of the way. Searching for a home and making an offer is just the beginning of the process. There are many more steps to get through before you make it to the closing table and move in. It is important to find an agent that will represent you and keep your best interest in mind, and can help explain things along the way.

Please feel free to contact me with any questions you have or if you would like someone on your side and can help get you started on the road to your new home!

Have a great week!

Nylora :)

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