Have you been on the fence about buying your first home because you don’t know what to expect about the home buying process? I think it could be the perfect time for you to buy your first home, so I want to talk about information specifically for first-time homebuyers. Hopefully, it will give you the confidence to move forward with your decision. Below are seven tips for first-time homebuyers.
7 Tips for First-Time Homebuyers
If you are nervous about moving forward with your first home purchase, read on to help you feel more certain about how it works and what needs to be done ahead of beginning the home buying process.
- Review Your Budget. Work through your budget and finances to look at your overall financial picture. Are you carrying a lot of debt? Do you have enough savings to pay your down payment, and moving and closing costs to buy your first home?
- Look At Your Credit Score. A credit score of 750 or more will help you get a good interest rate. Do you need to work on increasing the credit score you have before you get pre-approved? Once you find your mortgage professional, talk with them to get an idea of what your credit score and budget figures need to be. They will give you a good direction on what your finances need to look like to move ahead with your first home purchase.
- Evaluate your First Home Price Range. After reviewing your budget and expenses, calculate what you think could be your home purchase price. Referring to a mortgage calculator can convert your rough thoughts into real numbers you can be happy with.
- Find Your Real Estate Agent. Ask your friends and family who they love. If they don’t have anyone in mind, you can ask local mortgage experts in the area you are looking to buy your new home. Or you can certainly do a web search and call around to find the perfect agent to help you with your first home purchase.
- Locate Your Mortgage Expert. As you did with your real estate agent, ask for referrals from people you know. Search around and make some inquiries to find just the right group for your mortgage needs.
- Review Mortgage Options. First-time homebuyers have a number of options for buying their first home. You might think you need to put down more than you actually do. So, take some time to review the different mortgages available for you. Your mortgage professional will also take the time to go over the options with you.
- Make Your Plan. Buying your first home is exciting! It is also a big job with deadlines and due dates. Put together a file to keep all of your notes and papers together. Make a list of your tasks with dates as necessary to keep you on track with your goals and the necessities to buying your first home.
Now that you know these tips for first-time homebuyers, you can feel more confident in your decision to begin the home buying process!
Working with an Experienced Memphis Area Real Estate Agent
When it’s time to sell your existing home or buy a great new place, turn to a highly regarded and well-informed local real estate agent. You want someone that you can trust to give you the best advice and know-how for your new home purchase or sale. Check out my other great articles to help you through your home selling and buying experience here in Memphis. Staging homes for sale is also part of my expertise. Please ask me about it when you reach out.
Take a minute to learn more about me. With over 15 years of top-notch service for my clients, I can guide you with your house sale, new home purchase, or buying a great parcel of land. As a top, licensed real estate agent in the Memphis area, showing you the best properties for you and your family is my goal!
Contact me at (901) 828-8919 or drop me a quick note at angie@angiekelley.com and we can speak in person about your plans and options. Ask me about seeing homes for sale by video or virtual tour and find the best place for you!
Angie Kelley, Crye-Leike Realtors
(901) 828-8919 or (901) 756-8900
