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Iceni Magazine | August 16, 2022

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4 Tips Every First-Time Home Buyer Needs to Know

4 Tips Every First-Time Home Buyer Needs to Know

Are you in the market for a new home? Whether you’re a first-time buyer or not, it’s essential to be well-informed about the process.

There are many things to consider when buying a home, and your decisions can significantly impact your life. This blog post will discuss four tips that every first-time home buyer should know.

1) Get Your Finances in Order

One of the first things you should do when you start looking for a home is to get your finances in order. This means getting a clear picture of your income, debts, and assets. When it comes time to apply for a mortgage, you will need this information. You should also start saving for a down payment and closing costs. If you have good credit, you may be able to qualify for a loan with a low down payment.

If you’re unsure where to start, many resources are available online or through your local library. You can also talk to a financial advisor to get help with creating a budget and planning for your future.

2) Know What You Can Afford

Having a realistic idea of how much you can afford to spend on a home is essential. Keep in mind that you’ll not only need to make a down payment but also budget for things like furniture, repairs, and maintenance. Once you know how much you can comfortably afford to spend, you can start looking for homes in your price range.

Remember, just because you’re approved for a certain loan doesn’t mean you have to spend the full amount. Stick to your budget and only look at homes that fit within your price range. This will help prevent you from getting in over your head financially.

Some online calculators can help you estimate your monthly mortgage payment if you’re unsure how much you can afford. You can also talk to a real estate agent or a mortgage lender to get more specific information.

3) Do Your Research

When you’re buying a home, it’s essential to do your research. This means familiarizing yourself with the different types of mortgages available and finding out how much you can expect to pay in interest and fees. You should also research the real estate market in the areas where you’re looking to buy. This will help you understand things like prices, supply and demand, and average home values. Additionally, if you’re hoping to buy abroad, heading over to Simon Conn will help as he offers a wealth of experience and support in this field.

You can find a lot of this information online, but it’s also a good idea to talk to people who are already homeowners. They can give you first-hand advice about the process and what to expect.

If you’re working with a real estate agent, they should also be able to provide you with helpful information and resources. Such as a regular cctv drain survey to ensure no drainage issues.

4) Get Pre-Approved for a Mortgage

Once you’ve researched and know how much you can afford to spend, it’s time to get pre-approved for a mortgage. This means going through the application process with a lender and having them determine how much they’re willing to lend you. Getting pre-approved is an excellent way to avoid wasting time looking at homes that are out of your price range.

In order to get pre-approved, you’ll need to provide the lender with information about your income, debts, and assets. They will also need to pull your credit report. Once they have all of this information, they can tell you how much money you’re eligible to borrow.

Getting pre-approved for a mortgage is an excellent way to show sellers that you’re serious about buying a home. It can also help you negotiate better terms on the home’s purchase price.

If you’re not sure where to start, talk to your bank or credit union first. They may be able to offer you a good deal on a mortgage. You can also compare rates and terms from different lenders online.

Remember that getting pre-approved does not guarantee you will actually get the loan. For example, the lender could still deny your application if they find something in your financial history that concerns them.

In conclusion,  these are just a few tips to remember if you’re a first-time home buyer. The process can be daunting, but if you do your research and take your time, you’ll be in your new home before you know it.


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