First Time Home Buyers

Just because a lender is willing to loan you a certain amount, that doesn’t mean you should necessarily utilize the entire amount. Consider the final sale price of the home, as well as the monthly payment, and think about how much you can comfortably afford to pay. Also try to factor in other costs like property tax and maintenance expenses, to get the clearest idea possible of the total price of the property.

Most realtors will not spend time with new home-buyer clients who have not clarified how much they can afford to spend on a new home. It is always a good idea take a hard look at your financial situation to establish your price range before you start looking at homes.Consider doing a serious audit of your finances so you can research neighborhoods, factor in how moving would change your cost for household, family and personal expenses.

Finding out how much a lender is willing to loan you will help narrow the focus of your house hunting, as well as put you in a stronger negotiating position when you do find your dream home. Most sellers will not even entertain an buyers offer that is not accompanied with a mortgage pre-approval. Shop around for the best rates and mortgage types based on your situation. There are many local and state programs for first-time home buyers that you can figure into how much down payment you can afford, and what kind of mortgage payment will fit comfortably into your budget. When you find the best options, get a mortgage pre-approval so you know how much house you can buy and make sure you are pre-approved, not just pre-qualified.

Using a Mission Hill agent has save you time with doing the groundwork up front for you by contacting listing agents to set up showings and help you negotiate the purchase price. Buying a home is not only a major investment, but can also be a complex process without the proper assistance of a local professional. First-time home buyers should hire a qualified real estate agent to look out for your interests throughout the transaction, while helping avoid any mistakes that could have serious consequences in the future.

Purchasing your first home is perhaps the biggest financial decision you’ll ever make and you can find great security in owning a property. Look into the long-term options with equity, home value, taxes and any life changes that may affect whether you may need to sell to purchase a larger home or use it as an investment property.

Use our property search below, sign up for property updates and use our mortgage calculator to assist you through the first stages for looking for a home to purchase.