10 Homebuying Tips for the First-time Homebuyer
Buying a home for the first time is a daunting task. From researching interest rates to the surrounding neighborhoods, every factor matters! Home Financing Center in Florida is here to provide the top ten tips for first-time homebuyers. Learn more about our home loans for first-time buyers today!
Location and Budget
Choose a Location Before You Begin Your Search
Looking into specific neighborhoods and locations is an important first step in looking for your ideal home. However, factors such as safety, distance from important areas, and school district reputations are important to consider before taking the next steps.
Decide on a Budget Before You View Homes
A face value price will always look appealing to a seller that knows how to attract buyers. What's important is establishing your budget before ever even viewing a home. Home Financing Center has the knowledge to help provide insight into a reasonable budget for a great home. Send us your questions and plans today!
Check Your Credit Score
There's no dancing around the fact that you will need a great credit score should you want the best housing options available wherever you go. Local mortgage lenders and real estate agents will be more enticed to work with you if you have a great credit score. If your current credit score is below average, talk to one of our professional financial advisors about taking the next best step today.
Apply and Qualify
Apply for Preapproval
Mortgage preapprovals are an important part of every homebuying process. First, it's vital to establish a good business relationship with your local mortgage lenders. Preapprovals will lend you vital information as to what loans can be approved with your current and future predicted interest rates.
Choose a Fixed-rate or Adjustable-rate Mortgage
Your mortgage rate choice should align with your current and future predicted income levels. For example, a fixed-rate mortgage will serve stable incomes well, while adjustable are for those that expect an increase in the long haul.
See if You Qualify for Any Special Loans
It doesn't hurt to check; a special loan that exceeds standard payment expectations can help first-time homebuyers tremendously.
Preapprovals and Future Spending
Be Okay With Spending Below Your Preapproval
Home Financing Center wants you to know that spending below your preapproval rates is perfectly okay as you make an effective long-term home buyer plan.
A Cheaper House May Cost More in the Future
Cheap homes with alluring long-term traps exist, and it's important to have the right knowledge prepared to see it in front of you as a first-time homebuyer. Talk to our team of professionals if you think a face value price on a home is too good to be true, and we'll provide you with the necessary insight to help make a better-educated decision.
Inspect and Secure Quickly
Never Close on a Home Without an Inspection
You are never imposing when you demand a home inspection. Ten times out of ten, you should always ask for a thorough inspection to properly evaluate and pick up on anything not included in the initial pitch.
Secure Homeowners Insurance Quickly
If you want to protect your main dwelling, securing your homeowner's insurance as quickly as possible is best. Protecting the contents of your home will help you in the long run as you execute a great first-time homebuyers plan.
From well-educated financial advisors to experience home loan lenders, the team at Home Financing Center is here to make your first-time homebuying experience seamless and effective. Contact us today!
PARTNER WITH HOME FINANCING CENTER TODAY
Buying a home is a big decision, but it doesn't have to be stressful. By avoiding common mistakes, you can make the process much smoother and less stressful. If you're in the market for a new home, be sure to keep these tips in mind! And if you have any questions, our team at the Home Financing Center is always here to help.
Since 1984, our friendly home loan lenders have been helping folks in Coral Gables, Miami, and beyond, purchase the homes of their dreams — and we can’t wait to help you! Start your home buying journey today by contacting our team to get pre-approved and secure your home loan.