6 Valuable Tips for First-Time Homebuyers

by Susan Paige on March 11, 2019 · 0 comments

Buying your first home is exciting, but also somewhat scary. You have so many things to go through, papers to sign, people to talk to, and with how much money you’re likely to spend, you want to make sure you pick the right house for you.

Quite often, when people buy their first home, there are things they wish they knew at the time or did differently. To save you from that feeling, we have six valuable tips for first-time homebuyers.

Save Right Now

It’s never too early to start saving for your first home. The down payment for a mortgage can get expensive very quickly. If you’re not prepared for it, you could miss out on your mortgage and ultimately your dream home.

Create a budget that helps you set aside money for your future home. The more you have for a down payment, the less you need to borrow. That means less monthly mortgage payments, including interest rates and added fees.

Have an Emergency Fund

Although you’re saving for a down payment, you also want to have money set aside as your emergency fund. You’ll soon find out when you move into your first home that there are a lot of things you didn’t prepare for that will pop up in your budget.

Build up your emergency fund before you buy a house. That way, if there is an unexpected expense, or something goes wrong with the house, you can afford it.

Learn the Qualifications Ahead of Time

You cannot walk up to a bank or lender and ask for a mortgage and receive one the same day. There are requirements that potential buyers must meet. It’s a good idea to learn how to qualify as a first time homebuyer so that you’re prepared.

Take Your Time

Rushing into a house is never a good idea. Unless you know you can afford the property and it’s your dream house, in that case, you wouldn’t want to take too long on making an offer, take the time you need to research and view houses.

When you walk into your new home, youshouldn’t feel like you settled on the property. That feeling will only lead to regretting the purchase.

Speak to Different Lenders

Just like you go from house to house, looking at the features to see which one you like the best, so too should you go from lender to lender when looking for a mortgage. Not every lender will give you the sameinterest rates. Even the difference of half a percentin interest rates can save you thousands of dollars.

Ask for a Home Inspection

Home inspections are a crucial aspect of purchasing a home, and it is not something you want to overlook. When a home inspector comes in, he or she will examine the property from multiple angles. The inspector checks the structural integrity of the buildingand sees if all the plumbing and electrical are up to code. If not, you could be faced with a massivebill if you didn’t get the inspection beforehand.

If you have a home inspector coming in, that doesn’t mean you’re off the hook. You should still do your ownwalk-thru and speak with the inspector over what you find.

Take these tips on buying your first home so that you don’t miss anything, or end up regretting your purchase. You should enjoy the experience of buying your first house.

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