There’s a lot that goes into making the decision to purchase your first home. Becoming a homeowner for the first time can be overwhelming for many people – but don’t fear, our team is here to help you through the entire process, start to finish. Here’s a few tips to help ease the anxiety of owning your first home.
Do Your Research
It is best to speak with your lender to discuss the many incentives available for first-time home buyers. They will discuss the many options that can assist you. 3-5% down payments and low interest rates make home buying very attractive for first-time home buyers. The best way to understand your options in regards to down payment options, interest rates, and different loan programs, is to sit down with your lender and compare your options.
Save That Money
Save as much money as you possibly can so that you will enough money to put a decent down payment on a home. You want to have enough money to be able to pay for closing costs and still have money to furnish and decorate your new place.
Don’t Mess With Your Credit
Obtaining a loan from a lender relies a lot on your credit. You want to make sure that your credit information is up-to-date and accurate. You don’t want to have an offer accepted on your dream home and then get denied by the bank. Unfortunately this happens all too often. When applying for a loan, it is very important that you do not make any big purchases such as a car.
Starting You Search
With the World Wide Web being what it is today, it’s no surprise that many potential home buyers start their search online. Our website here offers our clients the ability to search for homes directly through us. When you see something you really like, you just let us know and we set up a showing for you.
Patience Is Key
Homebuyers usually see 5-8 homes before finding the perfect one. For some people finding the right home takes a week, for others it takes months. For first-time homebuyers, it really is important to have that patience. If you find a home you love, but are only putting 3-5% down, you may be competing against another buyer who is putting 20% down and has stronger financing. This may happen, so it’s good to be aware of it.
Write Everything Down
If you see a lot of homes, it will be impossible to remember the features of each. For this reason, you should consider taking a notebook and writing down each unique or defining aspect that you like or dislike about a particular house. This information, along with any photos that you take, will help you greatly when it’s time to make a choice.
A home is a big investment and it could, quite possibly, be the largest you will ever make. For this reason, along with the fact that you will be living in the home every day, make sure that you get what you want. There could be an instance where you need to make some type of compromise, but you may want to avoid choosing something just because it’s within your price range or you feel as though it’s your only option. New houses are placed on the market every day and, as a buyer, the next one listed may just be your dream home.
Looking to buy or sell a home in the MetroWest area? Real estate agent Robert Brown of RE/MAX Executive Realty services areas such as Hopkinton, Hopedale, Milford, Upton, Mendon, and many more. To learn more about MetroWest real estate agent Robert Brown, please visit the Meet Your Agent page on SellMyMetroWestHome.com
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