7 TIPS FOR FIRST TIME HOME BUYERS
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ATTIC | JANUARY 2016 1. You need a down payment, so start saving Set a goal of how much you want to save. Make a sacrifice and discipline yourself to start saving early. In this era of digitization, it is easy to track your savings using an app. The app that most personal finance experts recommend is Personal Capital. Get the free Personal Capital App to make sure you're on track towards your savings goal. Find out from your potential mortgage provider on how much deposit is required, so that you will have raised it at the set time. Saving may require you to forego some of the expenses you have been having, for example, eating out on the weekends. However, at the end of it, the sacrifice is worthwhile. Explore any possible and viable way of raising the down payment. 2. Pay off your past debts You want to have minimal debts so that repaying your mortgage will be easy. Clear any credits. More so, avoid taking on any lines of credit that may affect your opportunities to qualify for a mortgage. 3. Research on the available homes in your property Do not just fall into a trap of a single aggressive marketer. Explore as many options to feel comfortable before making a final decision just like you did when you were in high school and studying using AP Review Books. While the price may be a major determining factor, quality, security, neighborhood are among other key determinant factors. Take time for example over the weekend, to visit various areas where there are houses for sale. 4. Explore on Mortgage options Check out for what different mortgage products (VA, Conventional, ARM, etc) there are for you by checking websites like Quicken Loans or LendingTree. Consider providers who have a proven track record in the mortgage industry and can get you pre-qualified for your desired mortgage loan amount for the best interest rate. Want to see if you qualify for a mortgage? You can easily compare offers from up to 5 mortgage lenders at LendingTree in just a few minutes. 5. Check out for Seller’s Credibility Do not just trust the seller, whether it is an individual or a real estate company. Do your own research. Check out the authenticity of the property agents or seller’s documents regarding the property at hand. The real estate sector can sometimes be filled with con people who pretend to be genuine, however, they target new buyers. Take caution and involve your lawyer in the process. 6. Keep in mind your needs Consider your housing needs in regard to the size of your family. Other important factors include access to your work, schools, and shopping areas, among others. 8. Save some money for moving in and settling While buying a house is such an exciting process, you have to save some money for after buying. You will most likely exhaust your savings in the process of buying the house. But remember you will incur expenses such as transport while moving in. In this regard, it is a great idea to set aside some money including for food after getting into your new home.
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