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3 Tips Every First-Time Homebuyer Should Know

August 28, 2019
Loans

Are you thinking about buying your first home? Check out these quick tips before you buy.

Don't assume

You might assume you can’t afford to buy a home, but it could be easier than you think. There is grant money available for first-time homebuyers to assist with your down payment and closing costs. There are also programs available that require little to no down payment. Your house payment will often be cheaper than rent and you’ll be building equity in your home with each monthly payment. Contact a lender to see what your options are – you might be surprised!

Know your credit

Your credit is important as you research mortgages and various programs available to you. Make sure you know what is on your credit report and its impact on your interest rate and terms. You can check your credit for FREE at annualcreditreport.com. Your lender can also answer any questions you might have about your credit and can give you advice on building credit.

Get prequalified

Before you go out on those Sunday afternoon house hunting expeditions, get prequalified! This gives you an idea of how much you can borrow and lets the seller know you have the borrowing power to back up an offer you make to buy their home. Prequalification is quick and easy, and can even be done online. Then you can shop with confidence and know that you can afford that beautiful home you’ve got your eye on.

Happy hunting for your dream home!

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