First Time Home Buyers
Helping You Make Your Home Buying Experience as Smooth as Possible!
If you’re buying your first home you’re probably filled with a mixture of a whole lot of excitement and just a little bit of dread. How do you even buy a home? Who do you talk to? What do you have to sign? What kind of paperwork do you need? How much money do you need to have? There are about a million questions that everyone has when they are considering buying a home for the first time, but we have a million answers! The Bookers are here to answer all of your questions and help you make the first-time home buying transaction as smooth as possible. Here’s how we help!
How Much Money Will I Have to Come Up With to Buy a Home?
How much money you need depends on a few factors, like the cost of the house and the type of mortgage you get. In general, though, you need to come up with enough money to cover three costs: earnest money, the down payment, and the closing costs.
Earnest money is the deposit you make on the home when you submit your offer to prove to the seller that you are serious about wanting to buy the home. The down payment is a percentage of the cost of the home that you must pay when you go to settlement. The closing costs are the costs associated with processing the paperwork to buy a home.
How Do I Know If I Can Get a Loan?
Before you start shopping, it is important to get an idea of how much a lender will give you to purchase your first home. While you may think you can afford a $300,000 home, lenders may think you are only good for $200,000 based on factors like debt, your monthly income, and how long you’ve been at your current job.
It is important to get pre-approved for a loan before placing an offer on a home. You can do this by applying for a mortgage and completing the necessary paperwork.
What Do I Look for In a Home?
There are several factors that play an important role in selecting your future home. You should consider the location — like its distance from a school district, your place of work, distance to shops, restaurants, or bars, and its proximity to public transit. When you tour the house, it is important to look past the eye-catching features, like the paint and appliances, and look closely at the details.
Can I Buy a Home Even if I Have Bad Credit, or Don’t Have Much for a Down Payment?
Yes! Your process may look a little different at first, but there are still avenues of possibility. You may want to look into one of the federal mortgage programs for a list of options. You can also contact your local government to see if there are any local home buying programs that might work for you. Your mayor’s office or county executive’s office may also have some answers to point you in the right direction.
First Time Home Buyers
The real estate brokers at The Bookers Real Estate Solutions will help protect you from any pitfalls that you might encounter during the process, and help set you up for success. We are the nation's premier place for first-time homebuyers to feel secure and nurtured in their home buying experience.