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Tips for First Time Buyers

 

These tips for First Time Buyers were derived from the advice of lenders, realtors, buyers and sellers.  Follow these tips before beginning your home search:

1)  GET A COPY OF YOUR CREDIT REPORT:  The time to correct any blemishes or errors should happen BEFORE you even approach a lender for a mortgage loan.  Your mortgage lender may deny you a loan or charge you a higher interest rate if your credit report is messy.  You can lose out on a house if your mortgage application is held up.  You'll want to get a copy of your credit report from the 3 major credit report agencies:    

2)  GET PRE-APPROVED FOR A LOAN BEFORE SHOPPING:  Get with a lender and get pre-approved for a mortgage loan before shopping for that dream home.  You'll want to get a letter in writing that states the amount, rate and terms of the loan.  Having the letter in hand when making an offer on a house lets the seller know that you are as good as cash and the deal will probably go through. 

3)  SEE WHAT YOUR MONEY WILL BUY:  Start building a wish list of the things that you want in your home.  Think about what you want in terms of:  square footage,  number of bedrooms, baths, fireplace, deck, city or rural.  Then search the listings and see what you can buy for the money you are pre-approved for.  Just because you can afford one house in a particular area, don't be surprised if that same type of house in another area is out of your range.

4)  BE REALISTIC:  No one home is perfect.  You may not be able to get all the things that you wanted on your wish list in the price range that you had hoped for.  So you don't get that hot-tub on your first home purchase.  Keep in mind that people move every 5-7 years and finding that perfect dream home at first-time buyer prices isn't always easy.  What's important is that you buy that first home and build equity.  Then your next home could have what your first home didn't.

5)  VISIT THE PROSPECTIVE NEIGHBORHOOD AT DIFFERENT TIMES:  Let's say you visit your prospective home on a Sunday and everything is peaceful and quiet.  Do you know what the neighborhood is like on the weekdays or during rush hour?  Are the streets a thoroughfare for some of the other busy streets?  If you have children, do you see any family with young children in the neighborhood?  Also, if you have children, do you want to buy on a busy thoroughfare?

6)  TRY THE COMMUTE:  Drive to your prospective neighborhood early in the morning when you would do your daily commute and drive to work.  Are you going to be sitting in bumper to bumper traffic?  Try the commute coming home from work and see what that commute is going to be like.

 

 

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All information provided on this website is believed to be reliable but not guaranteed and should be independently verified. Any property listing data is provided solely by the property owner and is not verified by Realty Dream Makers or any of its agents, or the broker.  Realty Dream Makers is licensed by the Texas Real Estate Commission under broker Byron Robinson License #442971

 

Copyright 2005-2008 Denise Frank.  All rights reserved. Denise Frank (License #0530671)-Texas Licensed Real Estate Agent

 

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