The Financing Process
The process of buying your first home can be one that brings great joy; but we know that it can also spark great anxiety. There are so many things that you have to keep up with, and so many decisions that you'll need to make in a split second. There are several major factors that you'll need to discuss with your Realtor when it comes to the financing process.
Understanding Closing Costs From the Buyer's Viewpoint
If you're thinking about buying a house, you'll need to prepare for the closing costs that are associated with most real estate purchases. We're be happy to take you through the typical closing costs that you can expect. Granted, many first time buyers will use a housing tax credit, which can help them make the down payment.
Simply, the best way to estimate your closing cost is to calculate 1.75% to 2% of the purchase price, and don't forget that your first mortgage payment will be due on closing as well.
Emotional Buyer Mistakes
If you're a first time buyer, then you know that people make mistakes all the time. It's best to learn from others who have made mistakes to help you not repeat the same ones yourself. If you're able to look back and see where others have made mistakes then you'll be able to avoid the same pitfalls.
Ready to buy your new home with professional and expert help?
Basic Buying Guidelines
- Think long term
- Check your credit
- Buy what you can afford
- Down payment alternatives
- Location determines schools, thus potential resale buyers
- Use a Realtor
- Pre-approval, pre-house-hunting
- Do your homework
- Get a home inspection