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!