Thursday, July 15, 2021 / by Jay Jayoma
5 Essential Tips For First-time Homebuyers
Determine how much you can afford
Consider what your monthly payments are today and what they will be after you bought the house. These includes:
- Income
- Debt
- Credit Score
- Closing Cost
Get Pre-approved
Getting pre-approved means that a lender has reviewed your income, expenses, and credit report and has conditionally agreed to approve you to loan an amount of money for a mortgage. Here are the 5 things you'll need for pre-approval:
- Proof of Income
- Proof of Asset
- Good Credit
- Employment Verification
- Documentation
Find A Realtor
Most first-time homebuyers want to work with a real estate agent. An experienced real estate agent has represented numerous buyers in the past and can be your advocate throughout the process. Where can you find an experienced real estate agent?
- Through a referral of a friend, family or neighbour
- By searching online
Search For A Home
Checking online to look for a house is fast and convenient. It may also direct you to drive through neighbourhoods you're interested in. Even if you already have a real estate agent who's helping you to find you a house, you can still search for a house to have a few options. How buyers found the home they purchased?
- Through internet
- Through their real estate agent
- Saw a for sale yard or open house sign
Get A Home Inspection (if needed)
A thorough home inspection will help you identify any issues with the home and determine whether there are repairs that need to be addressed before close and what future renovations you may need to take on as the new homeowner.
