The First-Time Homebuyer's Guide | Trusted American Mortgage
Buying a home for the first time is intimidating and maybe even a little scary in “normal” times. If you’re looking to buy a house right now, it might even feel a little more alarming.
We’re currently in a seller’s market, meaning the odds favor the person selling the home. That’s because there are a limited number of houses on the market right now—and lots of people looking to buy. That makes nearly any house put up for sale a hot commodity.
But if now’s the right time for you to buy your first house, don’t let that stop you! The same basic rules that help guide first-time homebuyers at other times will still hold today.
What You Need to Know
Your first step is to get pre-approved for a mortgage. We can’t tell you enough how important this is, especially when you’re looking to buy a house for the first time. The last thing you need is to fall in love with a house that you ultimately can’t afford. Getting pre-qualified nails down exactly how much mortgage loan is responsible for you, given your financial situation.
Look into first-time homebuyer programs. There’s good news: When you’re buying a house for the first time, there are some programs out there specifically for you. These programs can be especially helpful if you haven’t built up a large down payment fund yet, and they can also impact the interest rate.
Know the specific type of house you want. This should include both the structure of the house, such as whether you want a condo or single-family home and the must-have features in the home, such as a bathtub or a certain number of bedrooms. Go wider in scope, too—know what neighborhoods will work best for you. Not quite sure what your wants and needs are? It’s OK to look at a few homes without knowing these specs, but don’t start to seriously look to buy until you know them.
Work with an experienced real estate agent. When you’re new to the game, you logically want a coach who’s been around for a while. There’s tremendous value in working with a professional who knows the ins and outs of real estate in your area. Ask friends and family for recommendations; they’re often the best resource when it comes to identifying an agent.
Ready to take care of step No. 1 on this list? Get in touch today to start the pre-qualification process!