Five Tips for First Time Home Buyers
Everyone’s dream home is different. All the preparation of finding the right neighborhood, knowing the correct price range and having a clear picture of the house wanted now come together in finding the right home. No matter how much time you spend on researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips for avoiding rookie mistakes with your first home purchase.
1. Down payment is the biggest issue to many first time home buyers: Even if you think you’re years away from buying your first home, try to start saving for your down payment. The down payment presents the biggest obstacle to home ownership for most buyers, especially first-time buyers. It makes a huge difference in your monthly payments, and helps avoid paying Private Mortgage Insurance.
2.Shop for a mortgage lender: There are countless resources out there that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it’ll save you thousands in the long run.
3. An objective view point can help find the right home: You’re likely to fall in love with a home, and that can make it difficult to take problems seriously. Bring along a skeptical friend or family member who can give you an honest opinion.
4. Be patient with big purchases for your new home: A big purchases before you close your home can cause the lender to not fund your new mortgage loan. You’ll be anxious to make your new home your own, but take some time to see how your budget truly shakes out. In other words, hold off on big furniture purchases and remodeling projects.
5. Make sure you’re happy with the neighborhood: Finding the Right Neighborhood is the first and most important question to answer for the first time home owner. The house may be perfect, but don’t discount the surroundings. You don’t want to end up in the suburbs if you’re going to miss walking to your favorite coffee shop, and you don’t want to settle for the city if you’re looking forward to some peace and quiet.
The journey ends to find and buy your first home. There are more memories to make in the place you call home.
Learn much more at Coffee Real Estate first time home owner resource.