As a first-time home buyer, you are probably over-the-moon excited. After all, you're about to purchase a home, which is a dream of many Americans. A home is more than just a roof over your head. A home is where you form memories, from the birth of your kids to your first puppy and holiday and birthday celebrations. It's your sanctuary from the world when the world gets tough, and it's the place where you can be yourself with no worries about what others will think. In short, homes hold everything dear to you.
What Every First-Time Home Buyer Should Know
The Home Buyers
The Home Buyers is an exclusive buyers agency located in the Twin Cities. We partner with home buyers as they look for a home, from arranging property showings to assisting in writing the offer. We represent your interests and needs exclusively. Our job is to help you find the perfect home for you. Below, we'll offer up some tips for first-time home buyers. Call our realtor agency today!
TIPS FOR FIRST-TIME HOME BUYERS IN THE TWIN CITIES
Get Your Finances in Order
Buying the home of your dreams has a lot to do with the mortgage you obtain unless you are paying cash for your home. Thus, you'll need to be prepared financially before you make one of the biggest purchases in your life. Here are some financial tips to keep in mind before you get ready to buy your first home:
Save for a down payment. The down payment on a home can be a big chunk of change for many people. Down payments usually vary because they are a certain percentage of the sale price of your home. For some first-time home buyer programs, this can be only 3% of the purchase price. This can still be upwards of $10,000 so start saving as soon as possible.
- Credit score. Your credit score is crucial to the first-time home buying process. Your credit score will determine the interest rate of your mortgage and may even determine which types of mortgages you can qualify for. If your credit score is too low, you may not even be able to qualify for a mortgage. The Home Buyers in the Twin Cities recommends that you check your credit frequently, ensure everything is correct on your credit report and get it fixed if not, and continue to build your credit with things such as making your payments on time.
Get Pre-Approved
Before you begin looking at homes to purchase, it's important to know how much you can qualify for. Mortgage lenders will take a look at your overall financial health. They will need to know your income, your current debt, how long you've been at your current job, and more. You'll need to be preapproved before you can put an offer down on a home as well, or immediately after an offer has been made, and a preapproval can take some time.
Take Advantage of First-Time Home Buyer Programs
First-time home buyer programs are special programs designed specifically for those looking to purchase their first home. They typically offer lower down payments and lower interest rates, as well as a bit more lenient qualification terms. These are excellent programs to get your foot in the door and into a home. Popular programs in FHA (Federal Housing Administration) loans, VA (Veterans Affairs) loans, and Freddie Mac and Fannie Mae loans.
Location
Location is key for more first-time home buyers. Perhaps there is a certain neighborhood you want to live in, or you only want to live in neighborhoods that are districted for a particular school you want your children to attend. Maybe you want to live close to your job to cut your commute, or you are looking for a certain area of town. The Home Buyers in Twin Cities notes that you can narrow down your home choices considerably and make it easier to find your dream home when you narrow your locations down as well.
Amenities
Do you want to be within walking distance of a park for your dog? Do you want grocery stores and restaurants nearby? Or, do you want to be on the outskirts of town closer to the country where long walks on country lanes is more your style? Consider which amenities (if any) you want nearby, which can contribute to your overall lifestyle.
Have Patience
Our realtor agents understand that you've waited a long time to own your first home. That being said, you can wait a bit longer to find your perfect home. You don't want to get so excited that you are finally buying your first home that you purchase the first home that falls into your criteria and that "will do." Odds are, you will spend many years in this home, so you want it to suit you for a while. Take your time, and see what's out there before you make an offer. Think long term when looking for a home, and give yourself overnight to consider your offer before you make one. If the home is meant for you, it will be there when you're ready.
CHOOSE THE HOME BUYERS IN THE TWIN CITIES AS YOUR EXCLUSIVE BUYERS AGENT OF CHOICE
Having someone you can trust to help guide you through the hurdles of first-time home ownership is invaluable to your experience and to the mortgage deal you ultimately get. As a real estate buyer's agent, our job is to make finding a home for you easy. We come alongside you and advocate for your needs and wants. We help with the negotiation process, offer assistance in finding a great mortgage broker, and we'll help you every step of the way throughout the first-time home buying process. We understand how buying a home is exciting, but it can also be extremely nerve-wracking and overwhelming. Our expert exclusive buyers agents bring a personalized approach to your home buying journey.
Since 1992, we've been helping first-time home buyers in the Twin Cities find the home of their dreams. When you partner with us, you become our top priority. Call to get started with one of our realtor agents today!