First Time Home Buyer – Property Buying Tips
Buying a home can be thrilling and nerve-wracking at the same time, especially for a first time Home Buyer —
Here are Six First Time Buyer steps when getting ready to buy, obtain a mortgage and that help make the process go more smoothly.
Check your Credit – Find out what your credit scores are… The better the score the better interest rate and easier way to qualify for a mortgage.
Evaluate assets and liabilities – A first time buyer should understand a budget, their cash flow of income and expenses. Track your spending.
Organize your documents – Mortgage lenders will request 2 recent pay stubs, the previous 2 years’ W-2s, tax returns and the past 2 months of bank statements and that means every page, even the blank one
Qualifying for a Mortgage – How much can you afford? Know what you can afford before you go looking for a Home. By calculating debt-to-income ratio and factoring in a down payment, you will have a good idea of what you can afford, both upfront and monthly
Down Payment – A simple rule of thumb about affordability is how you can put together the right down payment. The better down payment; the more flexibility you have in obtaining the right Mortgage Program for you.
Work with a Realtor with EXPERIENCE! I have over 19 years of selling experience catered to the First time Buyer. I put together the right team to help from getting your Mortgage, Home Inspection and a competent Attorney to represent you in Closing.
Bob Idakaar GRI