Are you buying your first home? It can definitely be a very exciting time, it can also be a daunting experience, especially for someone who is unfamiliar with the process. We asked a few real estate agents to share their biggest tip for those buying property for the first time. Although these tips can benefit anyone who is about to purchase a home, they can be particularly helpful for those who are unfamiliar with the process and may not know what to expect:
Check your credit if you’ll need a mortgage
“Get you credit score and report cleaned up ASAP. I refer my clients to CreditKarma.com. It is an excellent resource for anyone looking to get the best rates for everything they do; a very educational tool to understanding credit and how it affects your finances, and the ability to buy a home. Try it!”
“Finding out how much you qualify for makes for a much smoother transaction from the very beginning. Banking in 2016 has changed drastically from the pre-recession days. Unfortunately, some buyers assume what they’ll qualify for instead of sitting down with a banking professional and getting actual numbers of what’s affordable.” – Kent D. Zotter, High Country Realty of North Carolina
Carefully consider your monthly housing budget
“First, decide how much you want to spend monthly on a home before you get pre-approved. This allows you to work backwards from that amount to learn how expensive a home you can afford. Just because you’re pre-approved for a $750,000 home doesn’t mean that you want to spend that much each month on your mortgage. [Don’t] look at homes until you’ve completed step one.” – Christian Nossum, The Awesome Nossum Group at Wilson Realty Exchange
Consider going under budget
“First-time homebuyers should look lower than they can afford in order to build in enough cushion to be competitive in multiple offer situations, and be prepared to buy at their maximum qualification.” – Moira E. Holley, Realogics Sotheby’s Realty
Do you want to purchase a home, but need the money to make it happen? Even if you qualify for a mortgage, there are still other costs associated with buying a home, such as closing costs and a down payment. Coming up with the cash needed can be difficult, but if you’re receiving long-term structured settlement payments, Peachtree Financial Solutions may be able to help. By purchasing some or all of your future structured settlement payments, Peachtree Financial Solutions can get you your money sooner and in one lump. Contact Peachtree today to find out more and to receive your free quote!
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.