Whether you’ve been saving for years or want to take advantage of a first-time homebuyer program, taking the plunge into homeownership is always a major choice. The procedure is extensive, and if you are not prepared, it may be intimidating.
5 Tips on Buying a Home
- Prepare For the Financial Responsibility. It is important to know what your financial responsibilities will be after purchasing a home. This includes not only what you owe on the mortgage, but also what you will be paying in taxes and maintenance, to stay on budget. The best way to prepare for these expenses is to budget them out in detail, so you know exactly how much money will be going towards your home and how much money you will have for other financial goals, like retirement, college tuition, and more.
- Determine Your Budget Early. Putting together a home buying budget will help you visualize what you can realistically afford. This isn’t always easy, and it certainly takes some research and hard numbers to crunch, but it is an important part of the home buying process.
- Check and Strengthen Your Credit. Credit is the number one factor when it comes to determining whether you will be approved for a mortgage or not, so it is important to check your credit and make sure it is in good shape. A good credit score can qualify you for the lowest interest rate possible, lower your mortgage payments and help you pay your mortgage off sooner.
- Make a ‘Must Have’ Home Feature List. When deciding what you want in a new home, consider the home’s general condition and its major systems, as well as how you plan to use the home. Be sure that your ‘must have’ home feature list includes all the things that matter to you, like proximity to schools, your job, or public transportation.
- Hire an Agent. As a first-time homebuyer, you may feel overwhelmed by the process. An experienced real estate agent can help you understand the process and make it easier, putting you on the path to home ownership. They may even be able to negotiate with the seller on your behalf or help you get through the financing process.
Your Mortgage Team at Express Capital
As a first-time homebuyer, it is important to know what to expect and prepare for the financial responsibility that comes with making such a significant investment. Additionally, having a good credit score and choosing the right lender for you are also important factors in the home buying process. Doing your research, finding the right lender, and securing the best possible loan for your financial situation can help you get the home you want and improve your credit score.
Express Capital offers a variety of lending options to help homebuyers buy a home in Tustin, Ca. If you are looking for home loans in Tustin, California and throughout 48 states, get in touch with us today at (949) 694-3012.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.Get Pre-Approved Today