Are You A First-Time Home Buyer?

By  //  June 6, 2022

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Buying a home has always been very challenging for all of us and if you are a first-time buyer then it becomes a further complicated thing to navigate. There will be so many tasks, steps, and requirements that you need to meet and the chance of committing a costly blunder is very high too.  

However, as first-time buyers, you can enjoy certain special advantages, which have been created for encouraging new entrants to enter the market of real estate.

Finance and loan is the first concern that any home buyers need to manage before shopping for any new home. All loan providers will first like to check your credit ranking. 

Bright can help you pay off credit cards faster and lower your debt-to-income ratio. It learns about your financial habits and helps you build a positive payment history. Bright also helps you build your savings, automatically, and earn interest on it. Bright can also target savings for your home buying goal.

Let us share a few other tips that can be helpful for any first-time home buyers.

1. Start checking for homes for sale

Spend some time during the weekend to see what is available in the present real estate market and alternately you can also do research online to find any home for sale. As a new buyer, you need help from a certain agent.

2. Talk to your family and friends

Many of your friends or family members must have recently purchased a home and they can be an ideal source to offer the necessary information about what they have gone through while buying a home.

3. Find a good real-estate agent

As a new buyer, perhaps you may not be able to get the right information about the latest real estate market in a DIY way. You need to hire a good real estate agent who is well familiar with this market. 

4. Be aware of short sales and foreclosures

Foreclosed properties and short sales may offer a few of the best deals, but purchasers should be cautious. There are numerous unique conditions that apply to these types of residences, and it may take up to six months for everything to settle. 

5. Get pre-qualified

By taking your next step by getting pre-approved, you are signaling to realtors that you are really serious about purchasing a home, and they will go out of the way and help you to find the kind of home that you are looking for.

6. Shop for mortgage

You will be able to find plenty of sites that are ready to help you in obtaining a mortgage. You can ask your bank and also the real estate agent who can offer you any advice on this.

Buying your own home always remains the American dream. If you don’t have enough money for making a down payment, you can take advantage of state programs, federally backed loans, and tax incentives as a new buyer. If you have a membership in a specific group, you may qualify. Ideally, 20% of the actual purchase price is needed for a conventional loan.