First-Time Home Buyers: What You Need To Know

What you need to know if youre a first time home buyer:

1. Get Pre-approved. This is your first step to know what youre working with financially. The lender will evaluate your income, job history and credit score and give you a sound amount for your home purchase.
2. House hunt with your agent. Did you know that there is no cost to you, as a buyer, to work with an agent? Its best practice to stick with the first agent that shows you a house. You want to work with someone who you can trust and build a working relationship with. The agent has your best interest in mind and will represent you the best!
3. Submit your offer. When you are looking for a house, make sure youre looking within your budget. If youre pre-approved for 250k its not a good idea to look at houses that are listed for 275k and hoping they accept your offer for 250k with 3% closing help. Ask yourself, would I take that offer if I was selling a house?
4. Inspection Phase: After your offer is accepted you know have the time to have your future home inspected by a licensed inspector. This is always best practice to know if there are any major concerns regarding the property.
5. Loan Approval. After your offer is accepted your loan officer will be working to get your loan finally approved. The loan officer will be asking for more documentation of your income and assets. The biggest tip is to not make any big purchases such as a car or racking up any credit card debt. This could make or break your loan approval so play it safe!
6. Settlement Day! This is the day youve been waiting for. Your agent will coordinate with the title company with the time and date of your settlement. This is where you get the keys to your new home!

Did any of this surprise you? Let us know if you have any questions!

As always, we look forward to working with you!