Have you recently decided that the time is right to buy your first home? With Spring weather upon us, the market is starting to become active and many great homes are beginning to be listed for sale. The process of buying your first home can be a very exciting time. It’s truly a fresh start in a new journey of your life. While the excitement can sometimes feel overwhelming, it’s important to make certain that you take your time and get educated on the home buying process.
- Make certain to be aware of all the options of loan officers for your new home loan. While it may seem overwhelming by how many options there are, it’s important to find one that works well for you and your communication style. One aspect that the loan officer is crucial in helping in is to make certain that they are aware and current on the market rates and trends. Your loan officer has the ability to lock in an amazing home loan APR, or…possibly miss the mark and costs you money by not communicating effectively the importance of locking in a rate. If you have questions, ask them. If you aren’t satisfied with the answers, ask again or find a different loan officer that can answer your questions directly.
- When you make the decision to purchase your first home, base your purchase price on your budget. You know what you can afford, and what you are comfortable paying. No matter how you plan to finance the home, you need to make certain that your personal finances are in order.
- Check with a local lender to see if you qualify for any down payment assistance programs or grants. Based on your income, your geographic area and the type of loan you are taking out, there may be possible options out there that could benefit you!
- Be diligent searching for a lender of your choice. Not all lenders are created equal. Ask your friends or family to see if anyone has had any experience with them and read the reviews and comments on their social media pages to get an idea as well. It’s important to find a good lender since you will be dealing with them exclusively throughout the duration of your home loan.
- Educate yourself on all the home loan programs available to you to decide what is the best available. Weigh out the pros and cons of each and make your decision based upon facts.
- Save time and possible headaches down the road by getting pre-approved for a home loan BEFORE you start looking at houses that you are interested in. Financing approval can take some time, and it is also a good guideline so you know the price of houses that you should be viewed based upon the loan amount that you are approved for.
Becoming a first-time homeowner is one of the most exciting moments in your life. Take your time to become educated about your options, and plan moving forward. Following some of the tips above will hopefully help answer a few of the questions you had in regard to the home buying process. Enjoy the house hunting and hopefully, the keys to your new home will be in your hands in no time!