Buying a home for the first time is an exciting, yet stressful time. It is important to know the process and what will be expected. Here at Avrus Financial SM we want to encourage our customers to ask questions and seek the information they need to make an intelligent borrowing decision on their own.
The first step to buying your own home is to analyze where you stand financially. You should look at your monthly expenses, income, and what you have in savings. Knowing what you can spend on a house and how large of a mortgage you can afford will help you be realistic when shopping for a home. You should only be viewing homes that you can afford. In addition to reviewing your monthly income and expenses you should also make sure you have a clean credit history. Look into getting a detailed credit report so you may review it and make sure everything is correct. One mistake on your report could lower your credit score enough to disqualify you for your home loan.
Decide where you want to live. Picking the right location to buy a home could bring extra value into the property you purchase. Moving into a good school district is one of the most important deciding factors for first time home buyers. Other factors include the neighborhoods and crime rate. When you find a home in an area you love start researching price trends in the area to base your offer on. For example, if most of the home in the homes area sold for 5% lower than the asking price, it is completely reasonable for your first bid to be 8-10% lower than the sellers ask.
After you have made your bid you should hire a home inspector. The lender you secure a home loan from will most likely send their own inspector to ensure the home is worth the price you are paying. You should hire your own inspector to gain insight on potential problems and to avoid costly repairs in the future.
Visit the Avrus website to learn more information about our services, obtain mortgage approvals, and apply for 1st time home buyer loans!
