Buying a home is a serious commitment especially when it is your very first time going through the process. Like any big project a successful home buying experience is all about getting the details right from start to finish. If you find yourself stressed out and panicked do not worry we have compiled some tips to navigate you through the process.
Preparing to Buy
Saving early and often is ideal when it comes to you being prepared for your first home. There are some big costs that are on the horizon. Your first big payment will be your down payment for your new home. Now, your down payment will depend entirely on the loan you choose and the lender it is coming from. There will also be closing costs that you will have to cover. Once you have purchased your home moving all of your belongings is going to be time consuming so hiring a moving company may be ideal.
Knowing your credit score is important before you begin shopping around for homes. Your credit score will always be a work in progress, but knowing where it stands and having a plan to build it up if need be is a good way to stay ahead of the game. Your credit score will determine if you qualify for a mortgage and affect the interest rate you are offered.
Mortgage Selection Tips
When you are looking around for a mortgage for your new home knowing which one may suit your current situation is ideal. The main categories of mortgages are conventional, FHA loans, USDA loans, and VA loans.
You also have options when it comes to your mortgage term. Most home buyers opt for the 30 year fixed rate mortgage. This option has an interest rate that will stay the same over those 30 years. A 15 year mortgage has lower interest rates compared to the 30 but the monthly costs are higher. However, comparing rates and fees that are the same from multiple lenders is a great way to compare costs.
Home Shopping Tips
Buying your first home can be stressful and overwhelming. That is why having a professional real estate agent to walk you through the whole process is recommended. A good agent will scour the market for homes that meet your needs and walk you through negotiation and the closing process. Sticking to your budget is important. Having an ideal range to stay within is a must so you do not find yourself running through your savings.
Work With a Waltham Real Estate Agent
Buying your first home is a big commitment and can be stressful the first time you go through the process. Working with an experienced Waltham Realtor can ensure your experience to be more enjoyable. Hans Brings has years of experience helping Waltham home buyers find their perfect home, and home sellers get the best price. Contact Hans today to inquire! 617-968-0022