Buying a house is one of the most exciting things you can do. Having your own place to raise your family, as well as to build equity and grow your wealth, is incredibly rewarding.
But as a first time home buyer, the process can seem overwhelming and a bit scary.
Home buying doesn’t need to be a difficult process. You need to know where to start and how to take the first steps.
Are you a first-time buyer? Wondering how to begin the process of buying a first home? Read on to find out exactly what it takes to buy a home.
Getting Your Current Affairs in Order
Before you can tackle some of the big steps when it comes to new home buys, you’ll need to organize yourself first. So how do you get started?
First, you’ll need to take a look at your credit score. You can check out your free report online to see where you stand. The higher your score, the easier it is to qualify for a mortgage.
You’ll also want to save up as much money as you can for a down payment. Traditional down payments require 20% down. However, there are many other mortgage programs that allow for as little as 3.5% down, or even zero down payment, if you are a veteran.
When it comes to getting qualified for a mortgage, it helps to have as little consumer debt as possible. If you can pay off credit cards or other loans before pursuing a home, it will help.
The First Big Step
Once your finances are in good shape, it’s time to take the first big step; getting prequalified. Reach out to banks and mortgage lenders to see what your best mortgage option is.
It helps to apply for mortgages at a few different places to find the best program that works for your situation, with the lowest interest rate. Applying for a mortgage takes a lot of time and requires paperwork, so be patient.
Once you are prequalified, you’ll know what your home buying budget is. Now it’s time to start looking.
Find Your Dream Home
Once you have your mortgage lender in place, it’s time to find your new home. You’ll want to work with an experienced realtor who knows your area well.
For those looking for homes in northern Virginia, you can reach out to the LizLuke Team to make the process as easy as possible. It helps narrow down your list of neighborhoods and home features as much as possible so your realtor can quickly find the perfect homes for you.
When you find your dream home, you can submit an offer. Once accepted, it’s time to start the closing process. Work with your realtor to find a home inspector and finalize the mortgage.
At the closing, you’ll sign a lot of paperwork with the help of your realtor and walk away with the keys to your first home.
Start Your Home Buying Journey Today
Home buying is one of the most exciting journeys to embark on. It’s never too early, and it’s never too late.
Do your part today by working on getting your finances in order, paying off debt, and saving up as much as you can for a down payment. And if you need additional home buying or financial tips, be sure to visit the rest of our blog.