It’s already complicated to buy a home. Buying your first home can be even more so. There are plenty of guides available for first-time homebuyers to offer advice throughout the journey, but before you get started, there are 3 key things you can do to prepare if you are a first-time homebuyer. Here’s a list of the best things to do before you start actively searching for your first home:
Save for a Down Payment
One of the biggest expenses to plan for in buying a home is the down payment. If you opt for paying a larger down payment, you won’t have to borrow as much for your mortgage. Larger down payments can also have additional benefits, like securing better interest rates or other favorable terms. Plan to save up enough money to cover a down payment of around 3% of the purchase price and you’ll be in great shape to buy your first home.
Find an Agent
A buyer’s agent will improve and streamline your entire buying experience. A real estate agent will represent you in negotiations and help you with your home search. Their access to special resources and their professional expertise can broaden your possibilities and help you find homes for sale that aren’t on the major search portal sites. Working with an agent you trust will take a lot of the anxiety and frustration out of buying your first home.
You have come to the right place to find an agent if you want to live on the Mississippi Gulf Coast. Logan-Anderson Gulf Coastal Realtors can help you locate the perfect home within your budget.
Get Mortgage Pre-Approval
Finding the right mortgage lender and getting pre-approved for a loan is crucial to the home buying process. A pre-approval serves as proof to sellers that you’re financially responsible enough to pay for the house. It also shows that a financial institution has vetted you for things like your credit score, debt-to-income ratio, and other factors. Shop around for a mortgage lender before you begin your home search and you’ll know how much home you can afford while also improving your chances of a seller accepting an offer.
Buying your first home is a major life event, but it doesn’t have to be overwhelming. Use this simple list to prepare yourself for the process and find your dream home.
These three are just a start
You need to read a bit more if you are just starting out. Our blog articles on this site will help you learn much more and become somewhat of an expert on house buying. This may be your biggest investment, time to go to college (not actually) to get a degree in home buying. The more you know about the process the easier it will be.
Check out this article for example written for anyone but in particular Millennials who are buying their first home. Another great article is about Millennials buying homes by the beach. Please read our entire series about Millennials buying homes on this site. Another great site to learn more about the Mississippi Gulf Coast is RetireCoast.com
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