Wagner Realty
December
12
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First-time Buyers Guide: Buying a Home in 2018
2017 has been a busy year for home buyers and 2018 seems like it will be booming too.
While some people will shy away from getting involved in such a busy housing market, first-time buyers should be excited! First-time buyers have some major home-buying advantages. There are many state, county and municipal assistance programs available for first-time home buyers. In addition, time is also on the side of the first-time buyer. Since you don't have to worry about selling an existing home before you move, you can gather information and take action on your terms.
Let's focus on the top ten things you can do to get off to the right start.
- De-mystify Your Credit
Authorized by federal law, Annual Credit Report provides a free credit report once per calendar year. Good credit means a better mortgage loan, so this is the place to get started. Follow up on any errors to raise your credit score fast. - Pay Any Debts You Can
Outstanding debt is another big part of your credit score and, thus, your mortgage options. If you have any debts you can pay off in the next few months, focus on them. Avoid opening new credit lines or canceling existing ones. - Work on a Household Budget
A sound budget helps you save for your home and transition smoothly to mortgage payments. It's the perfect time to gather the bills, figure out where money is going, and see if you can cut a hundred or two in expenditures. - Determine What You Can Afford
Knowing how much house you can afford will save you time and help you focus on the best homes for you. There are several home affordability calculators available on the web to help you zero in on the right home price based on annual income, debts, and down payment. - Get Pre-approval – Ideally, Before April
Pre-approval is a written commitment by a lender to issue a loan with certain terms. Although pre-approval does expire, it's best to get it done before April – that way, you know if your tax refund needs to go to housing expenses. - Start Choosing Your Neighborhood
If you can find the ideal neighborhood for you, you're halfway home! Most buyers start by deciding what amenities they need in a home and neighborhood. Then, they visit neighborhoods at different times of day and talk to local residents. - Save for That Down Payment
The bigger your down payment, the less you'll have to finance and the more money you'll save in the long run. It's also important to put some money aside for closing costs, which often can't be financed fully. Even a few thousand dollars can make a difference. - Research First-Time Buyer Programs
The government offers a number of mortgage loan programs, many offering special incentives for first-time buyers. Each one is overseen by a different federal agency, which creates guidelines lenders must follow. Programs include the USDA, VA, and FHA loans. - Check Out Houses
It's never too early to get a sense for what you want in a house. Online listings are available at the click of a mouse any time of the year. Don't forget to attend some open houses to see your options live and in person. - Find a Real Estate Agent
Wagner Realty is the #1 agency for first-time buyers. Our REALTORS® have helped thousands of people get first homes in Bradenton, Longboat Key, Lakewood Ranch, and Sarasota.
Contact Wagner Realty for expert help to get the search for your first home started.
