Tips for First Time Home Buyer
Buying your first home is an exhilarating time but can tend to be stressful also. By having a few ducks in a row ahead of time, you can cut down on the stress tremendously. Here are some tips to keep in mind when starting on the venture to home ownership.
1. Know your finances
Before you even look at homes, examine your own finances thoroughly with one of our in house loan officers. Our loan officers will make sure you know your credit score, have a copy of your credit report which you can also get for free once per year from each of the three sources: Experian, Equifax, and Transunion. We will guide you through error correction and in clearing up any mistakes. Also, you will need to take care of any late payments or collection notices. You don’t want any of these items showing up for a loan application.
2. Have some extra funds set aside
You can still buy homes these days with practically no money down but not having some extra in reserve can make the process more hectic. If something should come up along the way you want that extra cash there to cover you. The inspection costs and earnest money will be out of pocket expenses and if the inspector recommends having an additional inspection you will need a little more for that. Plus, once you are in the home you may need to make minor repairs or add to your furnishings and its not much fun to start out in a new home with not a penny to your name. Our loan officers can guide you through that process.
3. Find the right home owners insurance
Buying a home is a great investment but if something should happen to it, you want to make sure the cost is covered. Plus, by borrowing the money, the bank technically owns the home until it’s paid off so they will require their asset to be covered. Shop around and decide if you want to pay all at once or have the cost built into your mortgage payment and let your lender know this information.
4. Don’t sign anything you don’t fully understand
There are so many documents within a real estate transaction that many of them start to blur and run together but do make sure you know what you are signing. Is the payment the same as you first agreed upon? If there is anything you don’t understand don’t feel embarassed to ask. Veteran Realty Services Realtors and Loan Officers have helped hundreds of first time buyers close on homes and can answer or get you the answer to any question you might have. Escrow agents are also a good source for answers to your questions. They have heard it all.
5. Buy a home you truly love
This may go without saying but so many home buyers may find dead ends at a lot of homes they try to buy and simply end up settling for something they really don’t like just to get into a home. Make sure this is a home you can love, live in comfortably and may consider selling one day. If the home has issues you really don’t like now, chances are a future buyer may feel the same way. This is probably not the last home you will buy so consider resale value when choosing your home.
For more information on finding the right greater Snohomish Countyor property for you and getting started in the real estate process please send us an email below. We will be happy to help you in the road to homeownership! APPLY ONLINE