First Time Home Buyers Guide
By: Chelsie Cheesborough
Buying a home is a big step. Actually it is seen as one of the biggest transactions in someone’s life. Whether you are married and looking to starting a family, or a single person wanting a place of your own. It is a BIG DEAL!
Most people just don’t know the steps, or the process. It is not as easy as going out and buying some shoes or an outfit. It takes time, it can be stressful, and if you are being smart about it, it could take you a long time, or not.
Basically I want to set up a checklist for you. I am currently going through the process of being a first time homebuyer. I am working on learning and understanding the basic steps. So since I am delving into these I am sure others would like a good understanding of the process.
Here we go…
Step 1: On your mark!
Most of the time, first time homebuyers are fairly young. I know that when I first thought of buying a home, I had no clue where to start. You can start by trying to get pre approved within a 30 day period and only take one hit on your credit. So instead of just bouncing around find out a few who you may want to work with and tackle them within 30 days. Shop around to different lenders and talk with them about what they may be able to offer you. Find One that you would like to work with and see how they can help guide you and tell you how to get to your goals. Don’t understand credit? Do look up some things, you can get one full free credit report per year. If you see something that looks wrong that is ok, just contact the credit agency and get it fixed.
Step 2: Get set!
We know there is a chance you need to take time to build up some credit, or repair your credit score. What you should do during this time of building/repairing is research. This is what I think is the fun part! Are you looking to move to an area you have never lived before? Take day trips; check it out. You want to start to gather what you really want. How many bedrooms? What neighborhood? What style home? Plus about a million other things that will help you make a decision. All the while, you need to be saving, saving, and saving some more. We all know there is a down payment, and that could really be a big part of what your budget is.
This is probably going to be the longest part of your process, but can really help you gather info as far as what kind of budget you are looking at, and it will give you time to build up a decent down payment. During this time you can also research and interview agents, and look around at some mortgage companies.
Step: 3 GO!!!!
Finally!! You are really ready. Talk to friends, neighbors; do your research. Find a Real Estate Agent that will work with you and that understands what you want. Here is the exciting part of putting in offers on your dream homes, and visiting the homes you have been watching while waiting to save the funds. Ask your agent to help suggest some lenders, or point you into the direction of a mortgage broker. When you get the green light and have an accepted offer, CONGRATULATIONS! After a long process of saving and searching you get to finally be called a homeowner.