If you are entering the buying market for the first time, our Greenville real estate experts want to ensure you are doing so the right way. Practice these tips to help you navigate the real estate process, keep money in your pocket and land you in your dream home.
Know What You Can Afford
The biggest worry to many homebuyers is affordability. Many face uncertainties about their budget and home purchasing costs. The best way to combat these thoughts is to speak with finance professionals.
Get in touch with multiple lenders who know the current market and where it is going. It is their responsibility to share information on all your mortgage options, be upfront about costs, and to determine a realistic budget best suitable for you.
Be Cautious of Your Credit Score
Credit scores play a huge role when it comes to purchasing and financing a new home. They often determine your loan approval, mortgage interest rate, and loan terms.
What credit score is required to buy a home? According to Mat Ishbia, CEO and President of United Wholesale Mortgage, “There is no universal credit needed for a mortgage.” Credit scores vary depending on the loan type and amount. What you should know is the higher your credit score the lower your mortgage rate.
To make your credit score more appealing, avoid large credit card purchases. In addition, work towards paying off your debt. Trust us, it will pay off in your home search, as well.
Save Your Money
Even if your monthly mortgage payments equal rent costs in your area, owning a home will be much more expensive. Expenses to consider are your down payment, closing costs, emergency fund, insurance, taxes, and more.
It is best to factor these costs into your budget well before purchasing a home. To do so, proactively anticipate all the costs associated with homeownership. By saving and preparing accordingly, you will establish a buffer to avoid financial setbacks.
Understand Your Home’s Wants and Needs
Buying a home is an emotional process. For instance, you are going to be tempted to make decisions based on impulse rather than practicality. While searching for a home, it is best to keep a level head. Truthfully, there will be moments that involve great compromise.
In the meantime, prioritize a list of wants and needs based on your budget. Keeping your budget and “must-haves” top-of-mind will provide you with a more realistic outlook on buying your first home.
Hire a Real Estate Agent
There are many reasons why you should use a real estate agent. Among the top, realtors offer expert perspectives on real estate in your area. They possess the knowledge to scope out the best homes that satisfy your budget and needs. Also, they hold the experience necessary to successfully guide and support you through your home search.
At Parker Group, we have realtors who are dedicated to first-time home buyers. Home purchasing can quickly become complicated and overwhelming; however, our agents will eliminate the guesswork. By hiring the right agent from the start, you will save money and time bringing your one-step closer towards owning your first home. Contact us today to learn more.