Helpful Tips for First-time Homeowners

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Buying a home for the first time can be overwhelming. The thought of having your own space and being finally independent will somehow make you feel nervous as a lot of thoughts and expectations are running through your head. The process of buying a house is hard and stressful, and no matter how amazing your support might be you still need house hunting strategy to get rid of all uncertainties and fears.

First things first

You’d probably be already thinking about specific things you want to do with your home, to make it a better place where every room is designed for comfort. Before thinking of home improvement and beautification, think of the process of acquiring the property first. Make sure to find the right agent and lender for you. Your agent or your loan officer must be someone who is transparent. Someone who is always in line with all national loan regulations, and is open with customers about important information that can make or break a loan in a timely matter. You should also look for a lender that will give you the best loan deal with the lowest interest rate and no hidden charges. This way, you never have to undergo a lot of nightmares before you can move in to your dream house.

When the house officially becomes yours, that is the right time to think and plan to repaint the walls, make major improvements and repairs and other projects you have in mind. Eliminate one process first before moving to the next so you don’t left any important matters behind.

Inspect the area before taking out the loan.

Before signing the loan contract, you must have thoroughly inspected the area where your house is located. If you have kids, PWD’s and seniors who will live with you, make sure there is a nearby hospital. Look for establishments that will help you sustain your daily needs. Even though you have a car, it is better if the establishments are just a few blocks away and can be reached by just walking. 

Make sure also to research online about the crime rates in the city. You can also visit some neighborhood to ask about their experiences of living within the vicinity.

Make yourself familiar too with the traffic situation and natural hazards in your chosen area. It’s hard to back out from the contract once you discovered something unpleasant in the community where you want to live for the rest of your life.

Have a Realistic Budget and save for the down payment

Keep your budget real. Make sure you don’t cut yourself short nor overspend. Your  budget should handle any troubles or issues that pop up along the way. Remember that as a homeowner, your main goal is to pay your mortgage on time so you don’t end up in even more debt.

Down payment is paid in cash, lenders might give you installment options but they will charge you for this additional service. It is better to save for the down payment to avoid additional fees. Make sure also that you pay at least 20% for the down payment to avoid paying for insurance. Saving for your down payment will help you save for your future mortgage payments. If you want to have an idea of how much your mortgage would be based on the loan amount and the current interest rate, use this free mortgage calculator. You can also use this to compare the different house prices, loan terms and interest rates your agent and lender is offering you.

No one has ever said that buying a home for the first time is easy, but with careful planning and systematic action, you can have a less stressful experience of house hunting for the first time.