TIPS FOR FIRST-TIME HOMEBUYERS by Thomas Leemon, Realtor
Americans hop onto real estate websites and apps to scroll through numerous houses for sale with no intention to buy a house. Scrolling has become such a trend that Saturday Night Live recently ran a skit poking fun at this. The prospect of buying a house seems daunting.
the home buying process? For this one, think about inspections, appraisals, application fees and possible closing costs you may have.
individuals during the entire process. It’s important to find an agent and a lender that is able to help effectively guide you through the home buying process. When looking for the right agent and lender, keep a couple of critical thoughts in mind. First, both the agent and the lender need to be able to educate and provide insight on certain aspects of the process. Second, both the agent and the lender need to be communicative and transparent about every aspect of the process. If your agent and lender can do both of those critical acts, you are good to go!
That does not have to be the case. If you are looking to become a firsttime homebuyer, keep this in mind: homeownership is within your grasp. Why is that? Let me explain.
▶▶ Are you able to afford the actual monthly mortgage payment? A mortgage payment is not simply paying the loan amount. A mortgage payment encompasses the loan, insurance, fees such as HOA dues and taxes.
There are five questions you should ask yourself to determine if you are ready to buy a home.
▶▶ Will you be able to afford possible repairs and maintenance?
▶▶ How is your debt to income ratio (DTI) and your credit? This is something any lender will focus on when you submit your pre-approval application.
If you have answered “yes” to these questions, you may be ready to buy a house. Now what?
2. House hunt and submit your offer.
Create your team. That would be your real estate agent and your lender. Those two individuals will be the most important
4. Sign the papers on your new home!
▶▶ Do you have money saved up for fees and costs that will incur during
▶▶ Are you settling down in one location long enough to make homeownership worth it? If not, will you rent your house out when you move?
The steps to buying a home are as follows: 1. Speak with a lender to get preapproval for a mortgage.
3. Get to the closing table.
Let’s get step-by-step in brief over each step. nwflbusinessclimate.com | Business Climate | 17