I want to share some helpful tips to guide you through the process of preparing to buy a home. No one told me any of this, so I don’t want anyone to feel the way I did! Let’s make this adventure upbeat and enjoyable!

Getting Prepared

1. Start Saving Early: Think of saving as building your treasure chest. You’ll need cash for these things:

• Down Payment: It can be as low as 3% of the home price. Saving is like filling your treasure chest.
• Closing Costs: These are about 2% to 6% of your loan. Extra money for your treasure chest.
• Move-In Expenses: Budget for moving, repairs, and furnishing your new home.

2. Decide How Much You Can Afford: Use a home affordability calculator to figure out your budget. It’s like creating a spending plan for your adventure.

3. Check and Polish Your Credit: Keep your credit score shiny and bright by:

• Checking your credit reports for errors.
• Paying bills on time and keeping credit card balances low.
• Avoiding opening new credit accounts during the home-buying process.

4. Explore Mortgage Options: Choose the right mortgage type for your needs:

• Conventional Mortgages: As little as 3% down.
• FHA Loans: Down payments as low as 3.5%.
• USDA and VA Loans: Options with low or no down payment.
• Decide on a mortgage term, like 30 or 15 years.

5. Research First-Time Home Buyer Assistance Programs: Look into special programs in your state. You might qualify for grants or low-interest loans. If you are not sure where to start give me a call. I know a guy….

6. Compare Mortgage Rates and Fees: Shop around, and save thousands by comparing offers. You can even buy discount points to lower your interest rate.

7. Gather Your Loan Paperwork: Get your financial records ready, like proof of income, bank statements, and debt information. Having this prepared and ready to go will make life SO MUCH EASIER.

8. Get a Preapproval Letter: This letter shows sellers you’re serious. Apply for preapproval from different lenders to compare rates.

Time to See Some Houses

9. Choose a Real Estate Agent Carefully: Find an agent who understands your needs and has experience helping first-time buyers (cough cough me).

10. Narrow Down Your Ideal Home: Consider existing homes, new construction, condos, or fixer-uppers. Think about your long-term needs.

11. Stick to Your Budget: Don’t overspend. Stay within your comfort zone, even in competitive markets.

12. Make the Most of Walk-Throughs and Open Houses: Visit homes in person. Pay attention to details like noise and odors.

Wrapping it UP

13. Don’t Skip the Home Inspections: Have a professional inspect the home. It’s like having a doctor check your new treasure for hidden issues.

14. Negotiate with the Seller: Negotiate for repairs or lower the price. Understand the local market for better bargaining.

15. Buy Adequate Home Insurance: Your lender will require it. Think of it as protecting your treasure chest from unexpected troubles.

This journey to buying your first home is like a grand adventure. Stay positive, stay prepared, and soon, you’ll unlock the door to your dream home! Happy house hunting!

Shellin Duke

(817)-739-0154

shellinduke@judgefite.com