Monday, August 28, 2017

First Time Home Buyers

Buying a home for the first time can be scary, but it can also be thrilling. It's difficult to know what to expect. The learning curve can feel like a rollercoaster, but let yourself be guided by a real estate professional.

Start by checking your credit before even thinking of clicking at Pillow (I call it Pillow because people go there to dream big most of the time). Before looking for a real estate agent, contact a "local" mortgage lender to see how soon you can qualify for a loan. Find out with your loan officer as much as possible. Your loan officer can help you understand how much money you will need for a home depending on the loan that fits your lifestyle. Find out what will be your comfort zone for a mortgage. Even if you can afford a nice huge house, I would strongly recommend against it. You don't want to become "house poor". By calculating debt-to-income ratio and factoring in a down payment, you will be able to have a good idea of what you can afford, upfront and monthly.

Think of your loan officer as your best friend, they will guide you till the very last day. So don't be afraid to ask as many questions as you need to. It's better to ask before hand than to regret financial errors in the future. Unfortunately, buying your first home "may" take a long time, but understanding what you need will definitely help make your life easier and also for your real estate agent.

If you don't know any good loan officers in your area, ask your family members and friends to see if they can recommend someone they have used in the past. Or if you already have a real estate agent, ask them to recommend one to you. Your real estate agent will be your best source of knowledge. Allow your real estate agent to guide you through out the whole process.