First Time Home Buyer Advice
First Time Home Buyer need to keep in mind a few things when making their First Home Purchase. We have added a few of these helpful tips here. We offer a Free No Obligation Real Estate Consultation, which allows you to ask questions you may not find the answers for here. You may also visit First Time Buyer which offers additional links and advice when buying your first home.
Home Loan Approval
House prices usually require financing and a Mortgage or Home Loan to pay for the home. We suggest getting multiple Loan Quotes called Good Faith Estimates from several Banks, Lenders, or Mortgage Brokers. Generally three (3) Good Faith Estimates will allow you to compare the Interest Rate, Loan Fees (Loan Origination Points), and the Loan Terms. You may want to look into FHA Mortgages, VA Mortgages, and Conventional Mortgages to see what Home Loan Program suits your families needs best.
Once you begin the process for the Home Loan Approval, and obtain the Loan Approval. The Bank, Mortgage Broker, or Lender will issue you a Home Loan Pre-Approval Letter. This will come in very handy when making an offer to Purchase a Home for Sale. It will show the Home Seller you obtained Loan Approval and may reduce the time frame for Closing on the Home Purchase. Since some potential Home Buyers may not qualify for a Home Loan Approval this also shows the Home Seller, you are approved, and should be able to pay for the Home Purchase with your New Home Loan.
Home Purchase
Choosing the Home to Purchase for the First Time Home Buyer is a big part of becoming a New Home Owner. First select a Home that fits your Monthly Budget, on a Fixed Interest Rate with Principal and Interest as part of the Monthly Mortgage Payment. If you have to get creative with Financing, avoid the Mortgage and the Home Price Range.
Second choose a Home that will suit your families needs keep in mind Schools, Neighborhood, Square Footage, Bedroom, Bathroom, Landscaping and any other needs for your New Home.
Third choose a Real Estate Agent, or Real Estate Company that will provide the answers to your questions. When Buying a Home you are making a big investment, you will want sound advice, help, and answers to all your questions. Contact Kathy's Real Estate Team to see how we can help.