First Time Home Buyer?
A message for first time home buyers: Is now the time for you to purchase your first home?
For many renters, the first step in buying a house is becoming educated about the process. If you’re like many people considering a home purchase, you’ve spent nights and weekends poring over real estate websites.
So.. What’s the first step to home buying? Determine what you can afford.
There’s no use in falling in love with a $300,000 home in your dream neighborhood if the banks will only write you a loan of $150,000.
You’ll save time by talking to an experienced lender in the area you plan to buy. They can match you with the program that most closely matches your particular needs.
Credit score requirements vary by program, as do down payment minimums. Be prepared to provide a loan officer with income verifications, bank and savings accounts.
Next step: Choosing your Real Estate Agent
Here’s why you should use a real estate agent:
Like a lawyer, doctor, or other professional hired to represent your interests, the agent will not only advise you about the transaction, but protect and facilitate the process.
In general, As a buyer, you are not paying the real estate agent commission. The seller is responsible for listing fees and a portion of those fees will be paid to your agent for helping with the transaction. There are exceptions, so be aware.
After you find the home you want to buy, it takes between 45 and 60 days, generally. The home search can take longer, however, so have a clear idea what you’re looking for and able to afford.
Naturally, there’s more to buying a home, but this covers the basic introduction to the process. Your agent, will walk you through the rest, guiding you along the way.