First Time Home Buyer’sPosted on 07/26/10
One of the most rewarding experiences for me as a Real Estate Broker is helping someone buy their first home. Homeownership is one of your biggest experiences in life and can be you’re most rewarding. Here are a few tips that can help you get started looking in the right direction.
Step 1: Getting financially qualified. Finding a good mortgage broker/ lender that will explain the loan process, your closing cost, down payment, and different types of loan options. Your mortgage broker will pre-qualify you for your loan. This will help you decide how much you can afford to buy and will help in the looking process of searching for your dream home.
Step 2: Finding a Realtor® that is a full time agent and will take the time to help you through this new experience. Experience and knowledge is the key to finding the right real estate agent. You should ask questions, look on line at their web sites, ask them for a home buyer’s package and finally ask them for references of other buyer’s they have worked for.
Step 3: Location, Location, Location. When I sell my client a home I always plan on that at some point that they will call me to resell their home when they move up or get transferred. I want to be able to resell their home quickly and help them make a good return on their investment. I look for homes in neighborhoods with landscaping have been kept up. Sidewalks are a plus. Low street traffic and location to schools, medical care and shopping are a plus on buying and selling when the time comes.
Step 4: Timing. There has never been a better time to buy a home. Prices are down almost 50% from 2005-2006. Interest rate is at an all time low currently around 4.5%. When I bought my first home I remember locking in at 12.9%. This means that now you can afford a lot more home for you dollars being spent. Building equity is like saving money in the bank. Buying a home now will be one of the best investment’s you ever will make.