Guide to buying your first home

In Mortgages by Tom MeatesLeave a Comment

GUIDE TO BUYING YOUR FIRST HOME

Are you seeking to buy your first home? Then you are at the right place. Buying a home the first time is an interesting adventure. One thing you should know is that you are not alone in this journey. Buying your first home may seem complicated if you do not have the right information; this is where this blog post comes in. This blog post seeks to help potential homeowners by proving them with the necessary information so that they can steer clear of fraudsters that are out there to scam unsuspecting members of the public.
It is our belief that this guide will help potential homeowners to buy the house of the choice. Now, let’s get started;

DETERMINE WHAT YOU CAN TRULY AFFORD

This particular tip is the ultimate because your first step to owning a home is to determine the size of your budget. Financial pundits have advised that potential homeowners should go for houses that the prices are two to three times the annual income of the potential owner. This rule of thumb will make sure you are not getting into something you cannot afford. However, if you are boxed up to a corner determining your budget, you can hire the services of a financial expert to help you out.

DETERMINE THE RIGHT MORTGAGE FOR YOU

Now that you have penned down your budget, the next big step is to shop for a mortgage lender that has made a name in the property industry and also take customer satisfaction as their priority. When considering the right mortgage lender, you should take into account a lender that will answer all the questions bothering you. It is advisable to agree to a loan of a 30-year term over 15, even if you can afford to pay the loan faster.
Once you are done picking the right mortgage lender, the next thing to do is to apply for a pre-approval. A pre-approval is a process of reviewing your financial records with the lender. It is similar to a credit report. The result of the review will determine whether you are a qualified buyer or not.

DECIDE THE MUST-HAVE AND NICE-TO-HAVE

After deciding your budget and the right mortgage, the next tip is to brainstorm on the features you should find in the house as well as features that are just nice extras. Make sure you do this before you go house hunting. Some of the must-have you should consider are; the number of bedroom, bathrooms, distance to office and school. Meanwhile, features like the way a house is decorated, pool, landscaping or things you can get done by you are really not necessary at this stage.

DECIDE WHETHER YOU NEED A REAL ESTATE AGENT

At this stage, you should decide whether to house hunt by yourself or hire the services of a real estate agent. Whichever one you decide, make sure you research a good real estate agent.

PUT IN AN OFFER

You have seen the right home that has all your must-have, now you need to make an offer! Make sure you review the contract properly. Once you are cool with the contract, you can sign the papers. After signing the paper and collecting the keys to the apartment, you are officially a homeowner.

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