You’ve seen it on TV, in the movies, and maybe even in your friends’ real-life stories: After years of saving, sacrificing, and working toward a specific goal, a lucky person finally gets to buy their first home. But how many of you have actually experienced this moment? And more importantly, how many of you plan on having this moment? It’s a big goal to set for yourself.
After all, home ownership is something few people achieve, especially within the first decade of their adult lives. If you’re reading this, it’s likely because you want to take the first step toward buying your first home. But where do you start? With that in mind, here are some key steps you can take to buy your first home in shaftesbury green conway sc.
Know What You Can Afford
Most people fall into the trap of assuming they can afford a house just because they have enough to cover the down payment. But that’s not always the case–especially with homes that are more expensive than the average first-time homebuyer might be prepared for.
If you want an idea of what kind of home you’ll be able to buy, create a budget and consider how much your monthly payments will be. Then, take a look at your credit score and debt-to-income ratio to see if you’re in good financial standing. All of these factors will come into play when it comes time to find your first home.
Find a Real Estate Agent
Find a real estate agent to help you find the perfect home. If you’ve ever watched a movie or TV show, there’s a good chance you’ve seen this advice before. And that’s because it works!
In fact, the most valuable piece of advice any veteran home buyer will give is to work with an experienced real estate agent who knows the area and can help you find exactly what you want in your new home.A good agent will take the time to get to know your needs, answer your questions, and ultimately take the lead on finding your perfect match.
They also have experience with negotiation—saving you from having to worry about every little detail and highlighting potential pitfalls before they come up so you can address them or avoid them altogether. You don’t need experience in buying a house when working with an expert like this!
Work With a Mortgage Broker
If you want to buy a home, the first step is to find a mortgage broker. This person will be your partner in buying your first home and they’ll help guide you through the whole process. The mortgage broker will give you all the tools and information you need to take that final plunge into homeownership.
Apply for a Mortgage
Getting pre-approved for a mortgage means a lender will look over your income and credit to determine how much you are eligible to borrow, how much of your monthly income would need to go toward the mortgage, and what kind of interest rate you’ll be paying.
You may have heard horror stories about people not qualifying for mortgages because they lost their jobs or had a low credit score. But that doesn’t have to happen to you! Many lenders will offer programs like FHA loans, which offer lower down payment requirements in exchange for higher monthly payments.