First Time Home Buying - Tips for you!

Buying a first home can be many things. 

One can feel pride at achieving the 'American Dream' or a sense of relief that you're paying yourself for the first time versus a landlord.  The process can also be a little scary and confusing as there are numerous steps involved before you finally are handed the keys.  

Here are my top financial, real estate tips to ensure a smooth first home transaction from start to finish:

1. If you're thinking about switching jobs, wait until you've closed on a house.  Any employment changes can potentially affect your ability to secure a loan. 

2. Additionally, also do not open up new credit lines after you're pre-approved for a loan and during the loan process.  This can also adversely affect the process.   

3. Rely on your Realtor for a true gauge of a home's value who will use comparable homes to determine worth.  Online sources such as Zestimates have a margin of error. 

4. Although you may want to skip the starter home and go straight to the house of your dreams, first map out how much you're comfortable spending on housing expenses.  This number should include not just the actual mortgage payment but also HOA fees, homeowners insurance, maintenance, etc.   

5. If you're pre-approved for less house than you desire, remember that a starter home can also be a great way to build equity over the long-term to ultimately get you the house of your dreams. 

6. In today's competitive environment, bidding wars are the norm so be sure to look at homes slightly under budget to have room for counteroffers. 

For more tips on how to navigate purchasing a home for the first time, contact me today.