First-Time Home Buyers: What you need to Know

What you need to know if you’re a first time home buyer:

1. Get Pre-approved. This is your first step to know what you’re working with financially. The lender will evaluate your income, job history and credit score and give you an amount for your home purchase. We can recommend our preferred lender if you aren’t working with anyone. We recommend a local lender, national banks just don’t have the service to offer you like a local lender does. 
2. House hunt with your agent with an open mind. Did you know that there is no cost to you, as a buyer, to work with an agent? It’s best practice to stick with the first agent that shows you a house. You want to work with someone who you can trust and build a working relationship with. The agent has your best interest in mind and will represent you the best! 
3. Submit your offer. When you are looking for a house, make sure you’re looking within your budget. If you’re pre-approved for 250k it’s not a good idea to look at houses that are listed for 275k and hoping they accept your offer for 250k with 3% closing help. Ask yourself, would I take that offer if I was selling a house? If you wouldn’t take the offer, chances are yours won’t get accepted either. 
4. Loan Approval. After your offer is accepted your loan officer will be working to get your loan finally approved. The loan officer will be asking for more documentation of your income and assets. The biggest tip is to not make any big purchases such as a car or racking up any credit card debt. This could make or break your loan approval so play it safe! You’ll have plenty of time to do those things after your loan closes.
5. Inspection Phase: After your offer is accepted you know have the time to have your future home inspected by a licensed inspector. This is always best practice to know if there are any major concerns regarding the property. After the inspection is completed, you’ll work with your agent to address concerns that you’d like the seller to repair. 
6. Settlement Day! This is the day you’ve been waiting for. Your agent will coordinate with the title company with the time and date of your settlement. This is where you get the keys to your new home! All the searching, waiting and hard work has paid off! 

Did any of this surprise you? Let us know if you have any questions!

As always, we look forward to working with you!