First time buyers are usually excited but nervous when they decide to purchase their very first home. They worry about what is involved, and how to go about purchasing the best home they can for the money they have. It is the biggest commitment of anybody’s life after marriage and having children and just before a fantasy football league. Their home is the largest and most expensive item they will ever buy.
Here are some tips to help you avoid some of the problems that many face. This advice for first time buyers on buying their first home will enable you to enjoy the process and not dread it. This should be an enjoyable and exciting part of your life, and the following tips can help you to make it so.
Check Your Credit Record
Before you start house-hunting, first make sure you have a good credit record. You can get one free credit report from Equifax, Experian and TransUnion each year at www.annualcreditreport.com. This will enable you to get a free copy of your credit report every 12 months from each credit reporting company while ensuring that the information on all of your credit reports is correct and up to date. Get these, and then check them over for accuracy. They will detail the credit you have had in the past, have currently and also your repayment history. If you see anything you disagree with you can have the record amended – but you must provide evidence to support your request.
If you have the cash available, you could pay for a copy of your credit score (FICO score) This is not free. You can qualify for a mortgage with a FICO score of 640 or over, but below that you may have problems. This is not a tremendously high score, and you should be fine unless you have had some serious credit problems over the past few years. If your FICO score is below a 640 you might still be able to get a mortgage and you will have a lot of explaining to do..
Check With a Mortgage Company
As a first time buyer, you are best to get professional advice. Check with a mortgage advisor at Intercounty Mortgage Network to find out if you qualify for a mortgage. We will help you with anything that you don’t understand. We will examine your income and expenditure, and give information on what amount of mortgage you may be offered. We may even be able to issue a pre-approval letter which will let you know the price range of the properties you could consider viewing and afford.
First Time Buyers: Choosing a Home
If you intend starting a family within a few years, then buy a home with at least two bedrooms. It’s great having your child sleeping in your room with you to begin with, but he or she will eventually need their own room. Some even go for three bedrooms if they can afford the cost.
You should also make sure that your first home is located in a neighborhood that you like. Apart from whether you prefer a rural or urban location, or somewhere between the two, also check out the local amenities. Check out the schools, gym availability if your work out, libraries if you read, shops, parking and so on. Never purchase your first home and then wish you lived somewhere else.
Buying Your First Home: It’s Condition
Make sure that you are fully aware of the condition of your home. Paint and paper can hide many problems, so get a professional inspection carried out. This is one cost you should not skimp on – and don’t try it yourself. You can walk round with the inspector during the inspection. In fact you are advised to. That enables you to see issues first hand, rather than in a written report.
Real Estate Professionals
Apart from the above, an experienced real estate agent can help you with anything you are unsure of. Real estate professionals understand the issues that first time buyers may have. They can set your mind at rest. It is their job, and they are well aware of your concerns. They will help you avoid the common pitfalls. Most of all, however, they can make sure that you are fully aware of everything you need to know when buying your first home. Make it a happy time, and not one that you will regret. For more information on buying your first home, please contact Anthony DiLeo at (732) 264-2700 x18 or email [email protected]