4 Tips for first-time homebuyers

On Behalf of | Jul 15, 2021 | Firm News

Buying your first home can be a life-changing experience, but the process is not always straightforward. If you are new to home buying, real estate purchases can seem especially complex and confusing. 

For this reason, many first-time homebuyers seek out professional legal assistance to guide them. Whatever you end up deciding to do, here are four home buying tips that you may find helpful.  

1. Do not wait to start saving

When it comes to the cost of buying a new home, expenses can quickly add up. From the initial 3-10% down payment to closing and move-in costs, you can usually expect to pay around $15,000-$20,000 up-front, at minimum. As such, the sooner you start saving, the better. 

2. Figure out your budget

Before you can really begin home shopping, you need to figure out how much you can afford. While there are many houses you might love to have, knowing how much of a house payment your current paycheck can cover can be an important reality check to know what it is in your monthly budget.  

3. Do your research

After determining your budget, it is time to explore your mortgage and program options. Depending on a home’s location and personal circumstances, you may qualify for federal loan programs. In addition, many places offer first-time homebuyer programs that can also save your money. 

4. Prepare your credit

When you apply for a mortgage, your credit will determine what banks offer you. The better your credit is, the better the offers will likely be. As such, checking your credit and working to improve it before submitting loan applications is a smart move.  

While the home buying process can be complicated, learning about what it entails and how to prepare can make things easier. These tips can help.