10 Tips for First Time Homebuyers

A credit score tells lenders about your creditworthiness - how likely you are to pay back a loan based on your credit history. 

You're entitled to one free copy of your credit report every 12 months from each nationwide credit reporting company. (Checking your credit will not affect your credit score.)  

Your credit score is beneficial for homebuyers. Typically, the higher your credit score, the lower your mortgage rate. How to improve your credit score? By making payments on time, not taking on new debt, and paying down credit card debt. Learn more about strengthening your credit score. 

Establishing your homebuying budget will then determine many other factors involved in your decision—the house size, neighborhood, town, type of mortgage, and more. 

Figure out how much you can safely spend on a house before starting to shop. The sale price of any home is not the only cost consideration—there will be approximate monthly mortgage payments, real estate taxes, and utility costs. 

In the case of a condominium or townhouse community, common area charges and/or homeowner association (HOA) fees must be included. Your real estate agent can review all the typical expenses and help you formulate a comfortable working budget.

Utilize our mortgage calculators and frequently asked questions to learn more about creating a homebuying budget. 

We suggest that you get pre-approved before you start to shop for a home. Being pre-approved means a lender has approved you for a specific loan amount.

Sellers often want buyers to have a pre-approval letter in hand. By being pre-approved, you will know exactly how much home you can afford, which will help you select which homes to view. It will also allow you to make a more substantial offer. Lastly, and most importantly, being pre-approved will make you feel more confident in your decisions. 

A knowledgeable real estate agent will scour the market for homes that meet your needs, guide you through the negotiation and closing process, help you with your paperwork, answer your questions, or find someone who can help you with specialty obstacles. 

When speaking with potential agents, ask about their experience helping first-time homebuyers in your market and how they plan to help you find a home.

There are many different loan options out there. Each one has a different structure and requirement. The type of loan you choose will determine your down payment amount, the type of home you can buy, and more. 

It’s more helpful to talk to a mortgage loan officer than to spend countless hours searching for answers on Google. So instead, take advantage of our experience and expertise. We’ll answer all your questions, compare each option's pros and cons, and ensure you get the right mortgage. Contact us with your questions.

A home inspection is a thorough but non-invasive evaluation of the property’s overall condition. The American Society of Home Inspectors (ASHI) defines it as “an objective visual examination of the physical structure and systems of a house, from the roof to the foundation.” 

The primary objective here is to assess the condition of the property. Home inspections can provide the homebuyer with valuable insights. An inspection can illuminate potential problems in the home. 

Also, an inspector can explain the different systems within the home and how they work. They can also show you the location of vital features, such as cutoff valves.