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First Time Home Buyer Tips for 2020

By Fred Frank | February 1, 2020

First-time home buyer tips are something every person who is going to buy real estate for the first time should seek out and use to their advantage. For most people, buying a home can be nerve-racking, especially when they are first time home buyers. However, buying your first home should not be a problem but an exciting journey into home ownership. The first time buying home leads to a mix of emotions including anticipation, excitement, and anxiety too. 

People always get some sort of stress while buying their first home and it might be impossible to eliminate that stress. But you can simply minimize the stress by going into the situation prepared. Try to do good research and follow authentic information as it applies to you and so, your first home buying experience would become great. Usually, it happens that when someone plans for a home, he/she would be getting several devices by the other people. You need to avoid all these pieces of advice and make your own decision. 

However, if you want some most important tips to help you out while buying your first home, you can follow the article further.

Top 5 Tips for First Time Home Buyers:

Know Your Credit

Credit is something that can either make or break you in this housing game. So, as a first-time homebuyer, you need to fix your credit if you have any bad marks on it. Usually, your first-time home buying plan determines along with your income, your borrowing, what your loan terms are and your need for a typical down payment. It is because, if your credit contains a low score, you might be denied for the loan. 

And do not forget to save money, you need to put a earnest money on home you place a contract on.

Get Pre-approved

First of all, you need to know the difference between a pre-qualification and a pre-approval especially when you are new in the field of buying home. You need to start the real estate lingo. When you get approved, you get an idea of what you can afford. You also need to find out what your maximum loan amount will be and consider how you want to use that money. 

Make Sure you have Budget

If you are thinking to buy a home on your current budget, this might create some trouble. When it comes to finances for your new home, you do not have to rely on your current budget rather a new budget. Sit down calmly, make your choice and decision and plan to save more to make an affordable budget. Working on this worksheet may create some difficulty, though it is quite thorough. However, you do not have to accidentally end up with your old house. Making a good budget would surely make your dream true. 

Compare Mortgage Rates

Many people who seek a new house get a rate quote from only one lend one lender and this often leaves money on the table. So, comparing different mortgage rates is great advice to you. Try to compare different mortgage rates and according to the Consumer Financial Protection Bureau, this can save you more than over $3,500 in your first five years of the loan. Thus, get at least two or three quotes and compare both rates and fees. When you are comparing these quotes, ask the lenders whether they would allow you to buy discount points. 

Decide Your Home Features and Location

It is another important tip included in the list. Whenever you plan for a new home, it is obvious to decide your home features and a suitable location for you. Moreover, the decision of your home features depends on your income and savings. So, take care of it. A location with lots of amenities would be a perfect choice indeed. 

So, through this article, you are told about several tips which can you while purchasing your first home. If you follow these tips accordingly, you could make your dream successful. Another best thing you can do that is to download the free first-time homebuyers’ checklists and the down payment savings trackers to get an authentic and clearer idea. 

Frederick Franks Jr is a professional real estate broker and owner of Local Realty Service, LLC located in Ocala, Florida. He’s a born entrepreneur with 23 years of real estate and marketing experience.
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