Swing into Action
Published: April 2018
Author: Bank of England Mortgage Staff
Baseball isn't the only thing that has arrived for Spring - it's peak season for homebuyers! This also means that first-time homebuyers are in full swing and starting to search for the perfect home. If you're a new homebuyer, read the tips below to get started.
Step up to the Plate - Talk to a Lender
Many new buyers will assume that looking for their first home starts with finding the right home. It's easy to look on Realtor.com and Zillow, find the perfect home and assume the price range you can afford - unfortunately you could end up striking out. These websites do not always include home insurance and other factors in the monthly mortgage cost estimate. So, talking to a lender and receiving a pre-qualification letter should always be your first move. The lender will have access to look at your debt, credit score and other finances to determine how much house you can afford. Not to mention, this is the best play for you and your realtor! It will save you a lot of time and heartache.
Team up with the right realtor! This will ensure that you have someone in your corner that is looking out for your best interests. The right realtor will be by your side to explain the ins and outs of the process and help you make the best decisions with every step. Some first-time homebuyers are timid about reaching out to an agent because they don't have the extra money. The seller has negotiated the commission they pay long before you see the house advertised and if the buyer doesn't have an agent the listing agent keeps the full amount. Your realtor should be familiar with the area you're looking at purchasing. He/she will know what you're looking for in a home and will be able to 'keep an eye out' for your new home!
Don't Swing for the Fence
Set realistic expectations and don't swing out of your shoes. Depending on your budget, you may not find a house that has absolutely everything you want - hardwood floors, 3 baths, and in-ground pool - in your area for the price that you want. Make a list of the features that are most important to you. Keep in mind, you're not wedded to this house forever and you can always choose to make renovations at a later date.
Speed Changes the Game
Too often, first-time homebuyers will give in to emotion and become attached to a home that makes the best financial sense. Be realistic and patient, this is an important decision. Spend the time to research your local market and get your finances suitable for a home purchase. Purchasing a property should never be a rushed process. First time homebuyers are typically in the initial stages of their careers, so diligently researching and utilizing the advice from real estate professionals can really help you hit a home run.
Don't be Afraid to Strike Out
Don't be afraid of being denied. If you've been renting for a while, have a little bit in savings and are ready to make this big purchase - talk to a lender! There are many different types of programs to help assist homebuyers with qualifying incomes and situations. Again, meet with a loan officer and let them tell you all of the different kinds of loans and programs you may qualify for! Bank of England Mortgage is always here to provide top-notch service and mortgage advice, visit us today!