First Time Home Buyers Checklist <\/b><\/p>\n
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- Know what you can afford and manage the budget.<\/i><\/b><\/li>\n<\/ul>\n
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Nothing is more important to the first time home buying<\/a> process than accurately assessing how much home you can afford and calculate a mortgage that fits within your budget. A mortgage of not more than 2.5 times your household gross yearly income is a nice benchmark. Consider your financial scenario and factor in any of you and your partner\u2019s current debt.<\/span>\u00a0<\/span><\/p>\n
Remember, owning a home is a commitment, and you must plan to live in it for about five\u00a0<\/span>years to receive the benefits of equity. <\/span><\/p>\n
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- Control Credit\/Debt<\/i><\/b><\/li>\n<\/ul>\n
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One of the most powerful ways to save cash on your mortgage and enhance your financial picture is an excellent credit score. It can take some time, so make refining credit your priority for you and your partner, if applicable. <\/span><\/p>\n
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Take note; you\u2019re eligible for a free credit report once a year from all three credit bureaus. Make sure to check the reports for any faults and guarantee that all your bills are paid on time. New credit accounts can impact your score as well. Try not to open new lines immediately after applying for a mortgage.<\/span><\/p>\n
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- Have Savings\/Down Payment Money<\/i><\/b><\/li>\n<\/ul>\n
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Making a 20% down payment is a perfect way to receive initial equity in your home and prevent having to pay mortgage insurance. It\u2019s not needed to qualify for a home loan, but will save you money in the long run. You can also find different local and state down payment assistance programs accessible to first-time homebuyers<\/a>. Just keep in mind to borrow within your means. <\/span><\/p>\n
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- Create\/Fine Tune and Stick to A Budget<\/i><\/b><\/li>\n<\/ul>\n
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After you find the ideal home<\/a> for your needs, it is time to get down to the business of making the purchase. Determine how much you\u2019re willing to pay for the house, make a genuine offer and stick to your budget. Anticipate negotiation, but try to refrain from lowball bids which could risk frustrating the seller. If you prefer to make a bold statement of interest, you can consider an earnest money deposit along with the offer. <\/span><\/p>\n
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- Get Pre-Approved, So You Know What Size\/Price Home You Should Be Looking For<\/i><\/b><\/li>\n<\/ul>\n
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Mortgage preapprovals help you determine how much you can afford. It also puts you in a dominant negotiating position with a home seller. Preapproval is different from prequalification. Prequalification is only an estimate from the lender of how much they\u2019d be willing to lend you depending on various factors. Sellers tend to prefer homebuyers who are preapproved. It makes the financing and closing procedure move more smoothly. <\/span><\/p>\n
- Get Pre-Approved, So You Know What Size\/Price Home You Should Be Looking For<\/i><\/b><\/li>\n<\/ul>\n
- Create\/Fine Tune and Stick to A Budget<\/i><\/b><\/li>\n<\/ul>\n
- Have Savings\/Down Payment Money<\/i><\/b><\/li>\n<\/ul>\n
- Control Credit\/Debt<\/i><\/b><\/li>\n<\/ul>\n
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