Five Tips for First Time Homebuyers
Purchasing your first home is an exciting endeavor, although - it can be quite overwhelming at times. That’s why as a first time home buyer, it’s important to do your research and consider several important factors before diving into the world of real estate. Keep reading for some helpful tips for first time home buyers from the experts at Hudler Homes.
Check Your Credit
Before you even begin your home buying journey, it’s essential to know where you stand financially. That begins with understanding your credit score. The very first step you should take is to pull your full credit report from a reputable website, like Equifax, Transunion or Experian. Your credit report will provide a full picture of where you stand financially, including how much debt you owe, any late payments, and more. It’s extremely important to lenders to see that you are responsible with taking on new debt and paying it down in a timely fashion. Your credit report is the first step to get on the right track to buy your first home.
Make a List of Your Priorities
Next, it’s time for the fun part: figuring out what you want to buy! This starts with a list of priorities for what your home must have in order for you to purchase it. There can be non-negotiable items, like a home office or a large kitchen. Start making a list of priorities and divide them into needs vs. wants as you start your home buying journey. This step is also an important time to establish a budget to decide how much home you can afford.
Shop for a Lender
Shopping for a mortgage lender can feel like a daunting task. That’s why we recommend asking around for referrals from friends, family, or your real estate agent. When comparing mortgage lenders, you want to go with the lender that offers a competitive mortgage rate, as well as different kinds of loans. Be sure to ask about important details like closing cost estimates and how much any late fees may cost. We have trusted local lenders to connect you with.
Secure Pre-Approval
Once you’ve landed on a mortgage lender, it’s time to secure pre-approval. A mortgage lender should provide you with a pre-approval letter, which is an important document to present to potential sellers about how much of a loan you are permitted to take out. A pre-approval letter can put you in a much stronger position during a transaction, because it signifies that you are a serious buyer who has done their homework and can afford a home. Pre-approval letters typically last for 90-days, so it’s a good idea to apply for this as soon as you find the right lender.
Find a Real Estate Professional
Don’t go down this road alone! Find a real estate professional to help guide you through your first home-buying transaction. An experienced real estate professional will educate and empower you through the home buying process and answer any questions you may have. There are many details that we handle behind the scenes, so you will have less to worry about.
Work with Hudler Homes
Are you thinking of buying your first home soon? You want to be sure you are working with a licensed and experienced real estate professional.
If you are looking for a real estate agent who knows the Baltimore area and can help you explore your options, I’d love to meet with you. Reach out to me through my website or give me a call at (302) 545-8569, and follow my blog for more home buying and selling tips!