Tips for First Time Home Buyers

If you’re thinking about buying your home, you are in for the adventure of a lifetime. There are new people to meet, new real estate terms to learn, and new places to explore. Of course, the stress of buying a home can put a stop to some of that excitement if you aren’t prepared. Let’s take a closer look at these tips for first time home buyers that are meant to help you keep the joy of owning your first home alive and well!

If you’re going for a traditional mortgage loan, you’ll want to have a credit score of at least 620. In most cases, this is what it will take to get the mortgage loan approved. However, there are loans that are covered by FHA or the VA that often accept lower credit scores. These loans may come with higher interest rates, so be prepared for that if you try to secure a loan of this type.

We suggest that you order a copy of your credit report from Equifax, TransUnion, and Experian. Because of the Fair Credit Reporting Act. You can get one copy of each report for free once a year. Visit the official Annual Credit Report website. You may be wondering if you really need all three? Yes. Each report may contain different information and record different scores. Once you have the reports, check for errors and delinquent accounts. Report errors quickly because the resolution process may be lengthy. Resolve any delinquent account issues.

Finding a real estate agent is easier than ever with the current technology, and we’re glad you found us! We genuinely care about your experience and needs. Communication is important to us, so we listen to you when it comes to meeting those needs. We hope to help you find the home that brings a smile to your face and makes you happy to be a new home owner.

One of the best things you can do right now is to sign up for a free account on our website that allows you to search for homes based on the criteria you find important. You can save those searches and receive updates whenever new homes are listed that match your search criteria.

The terms pre-qualification and pre-approval are often used interchangeably when referring to mortgage loans, but there is a difference in the two. During the pre-qualification process, the lender will ask you questions to determine if you may qualify for a loan. Based on the information you provide; the mortgage lender tells you how much you may receive for a loan. In most cases, no documentation is required. This process is meant to give you a general idea.

During the pre-approval process, the mortgage lender will require documents that offer proof of income, debt-to-income ratio, and your credit score. A hard inquiry will show on your credit report. The pre-approval gives a specific loan amount that you can use when looking for homes.

The pre-approval can be helpful and save you time when it comes to finding the right property. It’s disappointing to find a home you love and then realize that it’s out of your budget range. The pre-approval can also give you the edge with a seller if your offer has competition. The letter lets the seller know that you’re serious about buying the property and will be able to follow through on the sale if they accept your offer.

With all the time you’ve spent dreaming of your perfect home, you may not think it’s necessary to have a wish list on paper. However, this wish list can keep you focused and help you make decisions when it comes to open houses and compromises that are needed.

List all the things that you want in the perfect home. Go back over the list and note the items that you would not want to compromise on if they were not present in a home. Share this list with us. The list will help us narrow down the property listings we send your way and save you valuable time.

We’ll be there for you to present the offer you make to the seller’s agent or the seller directly. We represent you. A real estate agent is a buffer during this part of the process, but we can also help you create an offer that catches a seller’s attention.