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The Ultimate Guide for Today’s First-Time Homebuyer

The path to homeownership can be long, winding, and filled with potholes. But it doesn’t have to be. With a little planning and preparation, first-time homebuyers can get where they want to go smoothly and without snags.

Buying a home is one of life’s biggest milestones. But no matter how exciting, it can be a little bit daunting, too. There are so many details to cover that it can be easy to lose sight of the smaller, simpler, more reassuring aspects of home buying. This guide contains the basics that first-time homebuyers need to know to make their experience as easy as possible—from choosing a lender to a real estate agent.

When buying a new house as a first-time buyer, here are the questions you should consider before buying.

How’s your financial health?

Buying a home is an exciting thing, but there are a lot of steps involved. Before you begin house hunting, make sure you do your research on home loans. A home loan is a long-term and significant financial commitment, so take your time and do your research. There are two main types of home loans: fixed and adjustable. Fixed-rate loans offer the same interest rate for the life of the loan, while adjustable-rate loans can change based on market rates.

Which type of home will best suit your needs?

Buying your first home is probably one of your life’s most exciting and nerve-wracking events. But once you get past the excitement of finding the perfect house, you sell your current house and settle on the perfect mortgage; it’s time to tackle one of the biggest decisions of your life—choosing the type of home that is best for you. As a first-time homebuyer, there are many things to consider as you narrow down your search for the perfect home.

Which specific home features do you want?

Everyone has their own idea of the perfect home. For some, that dream home is big and ornate, with lots of rooms, large bathrooms, and a grand foyer. For others, it’s cozy and simple, filled with appliances and gadgets to make every day easier. And for some, it’s all about location, location, location. Overall, there are a few things that the best homes have in common: affordability, comfort, and safety. Which one do you think you need?

How much home can you actually afford?

How much home you can afford is one of the ultimate guides for today’s first-time homebuyer. After several years of being denied loans due to a low credit score, low down payment, and income, my clients are finally able to purchase their first homes—only to find out that the amount they are approved for far exceeds the amount they can afford.

How much mortgage do you qualify for?

When you take a mortgage to purchase a home, the mortgage company will scrutinize your financial history, credit history, and income. They want to make sure that you can afford to repay your loan and that you aren’t already committed to too many debts. If the mortgage company feels you are financially unstable, they may turn down your mortgage application. Buying a home is one of life’s greatest accomplishments, but it can also be a big financial challenge. One of the biggest homeownership expenses is paying the mortgage, which is one of the biggest stressors in your financial life. The good news is there are several steps you can take to lower the amount you need to borrow, making it more affordable and easier to pay off your mortgage over time.

Who will guide you through the home-buying process?

Buying a home is likely the largest purchase you will ever make. It also happens to be one of the biggest and most complex transactions you will engage in throughout your adult life. And, when it comes to buying your first home, the process can seem daunting. But it doesn’t have to be. In fact, with the right team and the right advice, it can be a breeze. A real estate agent guides you through home buying from start to finish. The agent can be your best friend and worst enemy. Ultimately, you have to decide on how to best use an agent, but it’s helpful to be informed.

Picking the right home to fit your needs is key. The wrong home can lead to plenty of frustration, not to mention stress. That’s why it’s important to look at homes you like and homes that fit your lifestyle. There are plenty of questions you need answers to, and today’s real estate buyer guide question above will help you to look for the perfect home to stay in.

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