3 Tips for First-Time Home Buyers
April 15, 2023
First-time homeownership is powerful. Your focus could be building generational wealth or creating an investment.
1. Be Sure You’re Ready To Commit To A Loan - The average mortgage loan is 15-30 years
Start by asking yourself these questions:
Am I ready to commit to this home and city for at least 5 years?
Do I have an emergency fund that can cover at least 3 months of expenses?
Do I have a stable income?
2. Don’t Skip The Preapproval -
Some of the benefits of getting preapproved include:
You know exactly how much home you can afford. You and your real estate agent know your home-purchasing power once you have a preapproval letter in hand. This will help you shop within your budget.
You can make a stronger offer. Sellers need to know that the buyer they choose can afford their home. A preapproval shows a seller that you have the money needed to purchase the home.
You’ll experience fewer surprises. When you’re preapproved, you’re less likely to run into last-minute surprises or delays with your mortgage lender.
3. Maintain Your Credit
Now is not the time to open a new line of credit, like a credit card or a personal loan. When you apply for mortgage preapproval, lenders will pull your credit report. They’ll do it again before you close on the house and its corresponding mortgage.