Tips For Purchasing Your First Home

Dated: 10/13/2017

Views: 176

Image title

Purchasing your first home can be an overwhelming process. In fact, some have said it’s the scariest thing they’ve ever done. Buying a home is often the largest purchase in a lifetime, and several people  avoid purchasing a home due to their fears of costly expenses.

However, buying a home isn’t as scary as many people make it out to be. Follow these tips if you’re thinking about making the big move from tenant to home owner:

Think About Down Payment

You might be dreading those two words, but it’s something you’ll need to think about when it comes to purchasing your first home. Think about how much money you want to set aside for your down payment, and how much home you can afford. Start considering your down payment options. Figuring out your down payment options, and how much you can afford, gives you a ballpark range on how much money you’ll need to borrow from a mortgage lender.

2. Postpone New Credit Activity

If you’re thinking about taking out a new credit card the same time you’re considering getting a new house – it’s not the best idea. Mortgage lenders run hard inquires on personal finances, and run an in-depth credit report. Avoid opening a new credit card until after the home buying process, to avoid your credit score dipping low.

3. Location, Location, Location

Figure out where you want to live. Consider local property tax, and home owners insurance options. Learn about the area you’re considering moving into – is it high in crime, is it a flood zone, does it have a good school system? These are all questions and considerations to weigh when looking to purchase a new home.

Working with a real estate agent is always a good idea when looking for your first home. Agents often know a large amount of information about areas, neighborhoods, and school systems. They also can help you find the ideal home to fit your needs.

4. Be Prepared to Compromise 

Find a perfect home from roof to basement (or lack-thereof) is rare, so consider different compromises you’ll need to make when purchasing home. Will you need to take down the disgusting red wallpaper in the dining room, or install a new refrigerator? Sometimes you need to put in a little elbow grease (or spend some extra cash) to achieve your dream home. It’s important to find out what work you will need to put into a house before you make an offer on it.

Lastly, be excited. This is a huge step you’re taking, and while it might be a bit intimidating, there any many useful sources around to help you out.

For more info visit: http://www.bondstreetmortgage.com

Want to Advertise on this Site?

Latest Blog Posts

Best Tax Deductible Home Improvements For Homeowners

Best Tax Deductible Home Improvements for Homeowners Before delving into tax-deductible home improvements, it’s important to understand that these tax deductions won’t be applied immediately.

Read More

Pros And Cons Of Adjustable Rate Mortgages

Pros and Cons of Adjustable Rate Mortgages When you are in the market for a new home, you may be faced with numerous options for financing your home. One of the choices you will have to make is

Read More

Should You Pay Discount Points When You Get Your Mortgage

Should You Pay Discount Points When You Get Your Mortgage? One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment

Read More

Whats Ahead For Mortgage Rates This Week April 16th 2018

What’s Ahead For Mortgage Rates This Week – April 16th, 2018 Last week’s economic reports included readings on inflation, the minutes of the most recent meeting of the Fed’s Federal Open

Read More