If you are a first-time home buyer we want to be the first to say, Congratulations! You are going to enjoy the road ahead of you and we want to help you be prepared. Let’s take a look at some ways you can prepare yourself and perhaps save you some headaches.
How To Prepare Yourself As a First-Time Home Buyer
Figure Out How Much House You Can Afford
It’s easy to get excited when looking for your first home! Some first-time homebuyers over-indulge themselves and get caught up in looking at homes that are way over their price range.
As a first-time home buyer, your goal is to find a home and get a loan with a monthly payment that won’t empty your pockets every month. Speak with any one of our realtors at Team Rockensock to discuss what price range is affordable for you, we’re always happy to help.
Do Your Research And Find First-Time Home Buyer Programs
With the help of your Team Rockensock Realtor, you can discover plenty of first-time home buyer programs in the state of Tennessee. You may discover a program like Homeownership for the Brave that allows down payment assistance through the Great Choice
Plus or GC97 Plus programs.
Prepare Yourself With a Budget
Owning a home can send us on an unexpected road to unplanned repairs, DIY’s and bills we didn’t know existed. Here’s a small list of what you can plan on setting money aside for every month:
- Unexpected repairs such as roof leaks, plumbing, kitchen appliances, etc
- DIY dreaming with remodels, painting, backyard makeovers and more
- Landscaping – whether you want to pay someone to take care of it or do it yourself
- HOA or other annual fees
Do NOT Apply For Credit Before Closing On a House
If you’re looking to purchase a new car or open a new credit card before the closing of your home – don’t do it. It’s hard to hold in all of the excitement of buying a home when all that you want to do is fill your home with new furniture and electronics – but please wait until after your loan has been processed and is fully funded before going all out. Mortgage lenders look at your qualifications such as:
- Verifying employment and income
- Reviewing your assets
- Performing a detailed review of your credit reports
- Checking your credit scores
- Calculating your debt-to-income ratio
As a first-time home buyer, Team Rockensock is available to answer any questions that you may have and walk every step of the way with you through the home-buying process. We focus on guiding our clients through this process using our knowledge, experience, and expertise to make things as easy as possible.
Got questions? Give us a call or text us at 615-813-2156.