Are you getting ready to buy your first home in the Triangle? First of all, congrats—you’ve reached a huge milestone! However, the home buying process can also come with plenty of questions and confusion.
Are you feeling a little lost? Here’s everything you should know before you begin your search for the perfect place.
5 Tips to Keep in Mind Before You Buy Your First Home
Buying a home—especially if it’s your first time—might not seem like a walk in the park. However, we have a few tips to help you get started on the right foot!
Get pre-approved
Before you even start your search, it’s crucial to get pre-approved for a mortgage. In a nutshell, getting pre-approved means a lender has performed a thorough credit check and given you the green light for a mortgage.
It’s actually quite easy to start the pre-approval process—most lenders only require you to authorize the credit check and submit some important financial paperwork. From there, you’ll get a letter detailing whether you’re approved or not, as well as the amount they’re willing to loan to you.
Shop for different mortgages
Many first-time buyers believe that mortgages are a “one size fits all” deal…but this definitely isn’t the case. There are hundreds of different mortgages designed to suit everyone’s needs, and many of them have flexible interest and downpayment options.
The federal government also offers special loans for veterans, farmers, and buyers with lower credit scores. Be sure to shop around so you can find the best deal!
Find a great local agent
When you’re buying a home, who you work with matters more than you think. And when you partner with a local agent, they’ll serve as your primary resource throughout the entire process.
It’s best to interview at least a few agents before making a decision. If you’re not sure who to go with, your friends and family might have some recommendations!
Be realistic
Once you’ve got your pre-approval letter and chosen your agent, it’s time to start your home search! As you begin your hunt for the perfect place, you’ll want to be as realistic as possible. You may have to make some compromises, especially if you want to stay on budget.
Creating a list of needs, wants, and would-likes can show you what you’re really looking for in a home…and it can also help your agent pick some some potential listings that you’ll love.
Factor in any extra costs
Buying a home often involves additional costs that go beyond a down payment. Take some time to sit down with your agent and discuss any extra expenses, such as closing costs, earnest money, or repairs.
Being prepared for these costs can help you stay on budget, and there also won’t be any surprises during the closing.
Ready to Buy Your First Home?
If you’re ready to make a move, Trademark Residential is here to help. We have plenty of resources tailored to first-time buyers, and our team is always available to answer your questions. Just get in touch with us to turn your real estate dreams into a reality!