Being a first time home buyer is very exciting and at the same time, it can quite be overwhelming. Before you begin your search, there are several factors to think about. As much as you want that home, your first priority is to be debt-free. Pay off all credit cards and loans and begin to build a cash reserve of at least six months expenses. For longer-term loans, like a student loan or car payments, understanding your monthly debt requirement and total living expenses with taxes and insurance is key. Preparing for your future goals is the right way to start. Below are 10 tips, that we will dig into deeper each week, to help prepare a first-time buyer to make smart, educated decisions. With the help of a financial planner, mortgage broker, real estate professional and other experts, home buying can be a blessing and not a burden.
First-Time Home Buyer Tips
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Pay Off All Debt and Build an Emergency Fund
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Determine How Much House You Can Afford
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Save for a Down Payment
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Save for Closing Costs
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Get Preapproved for a Loan
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Find a Home for Sale in Your Price Range
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Research Neighborhoods for Best Fit
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Attend Open Houses and Think Long Term
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Make a Competitive Offer (That’s Within Your Budget!)
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Prepare for Closing
