If you’re in the market for your first home, the process can often feel overwhelming. It can seem like there are endless questions to answer, services to purchase, and options to consider. The good news is, we’re here to help! We’re here to help guide you through the home buying process and can often offer better rates than other mortgage lenders. Stop in today to discuss your mortgage goals and how we can help you find the home of your dreams. In the meantime, below are some tips and tricks to help you navigate the homebuying process and protect your financial well-being.
Determine your budget
There are several free tools available online to help you calculate a realistic monthly mortgage payment and determine how much you can afford. It’s a good idea to check your credit as you set your housing budget since your credit score will often determine what kind of interest rates you’ll qualify for when you apply for a mortgage. As you’re determining your budget, remember the various costs associated with purchasing a house outside of your monthly mortgage payment, including: a down payment, real estate agent fees, closing costs, and moving expenses. Once you’ve determined a budget you’re comfortable with, you can reach out to a mortgage lender for a pre-qualification letter, which will estimate how much you can afford to pay for a home and how much the lender would be willing to lend you.
Find the right real estate agent
Selecting the right real estate agent can help you find the home you want at a price you can afford. The right agent will be an advocate and an ally for you as you navigate the home-buying process for the first time. Look for reviews online and talk to friends, family, and neighbors about trusted real estate agents in your area who know the community well and can help you find the right home at the right price.
Research first-time buyer assistance opportunities
Many states offer financial incentives to first-time home buyers to help ease the financial burden of purchasing your first home. Assistance can include lower interest rates on loans, or assistance with down payments or closing costs. Some first-time buyers may also qualify for certain tax credits. In Ohio, buyers can take advantage of the Ohio Homebuyer Plus Savings Plan to save for a home by contributing to a high-interest savings account that can be used to pay for a down payment or closing costs when you go to purchase your home.
Consider a home inspection
Before you purchase a home, it’s often a good idea to get the home inspected by a professional. They can find issues with the house that you might not have otherwise discovered, allowing you to ask the seller to fix the problem before you purchase the house, take the costs of repairs off the final selling price, or even decide not to purchase the home if the problems are too severe. Having a potential home inspected can also help you plan for future costs related to home repair you’ll need to budget for, such as replacing a hot water heater or putting on a new roof.
Save for the future
Setting aside an emergency fund can help you feel better about any unexpected home repairs that may come up as you settle into your new home. Make sure to buy homeowners insurance that covers your homeownership needs. Home insurance can cover the cost to make certain repairs on your home or replace your home if it’s lost to an accident and covered by your home insurance policy.
We’re here to help
As you navigate the home buying process for the first time, we stand ready to help. From mortgage pre-approvals to better interest rates on mortgage loans, we have the tools to help you find the right home at the right budget. Visit your local branch today to learn more and to talk with Ann Tong, our Mortgage Loan Originator. NMLS: 506936.
