Important Tips for First Time Home Buyers
Are you planning on buying your first home in the Austin Texas area? If so you’ve come to the right place.
Buying a home can sometimes be a stressful experience, this is why in this article we will list for you tips that you should consider which will especially be helpful for you as a first-time home buyer.
Start saving money for a down payment now
The first thing that you should do as a first-time home buyer is to start saving money for a down payment now. Ideally, you should save at least 20% for a down payment but, depending upon your mortgage loan and also the price of the home, you could possibly get into a home with a down payment that’s between 3% and 5%.
How do you start saving money for a down payment? If saving money for a down payment on a home has been a problem for you in the past, the best thing that you should do is to communicate with your spouse, wife, partner or significant other and start cutting out some of the more expensive services that you use on a monthly basis.
Some services to consider eliminating include your high-priced phone service, satellite television, Music Services like Spotify or video on demand services like Netflix.
By focusing on saving money now, you can easily start saving between $500 to $1,000 per month and apply that savings towards the down payment on your first home.
Check your credit report now
If the last time that you check your credit report was a few years ago, you should take the time to sit down and check your credit report now because, you want to focus on paying off any debts that remain unpaid and you should also contact the credit bureaus to have them remove information which may be reported about you inaccurately.
Get pre-approved for a mortgage loan
Last of all, but most important, another important thing that you should do before buying your first home is to get pre-approved for a mortgage loan. Getting pre-approved will enable you to essentially lock in a low mortgage interest rate plus having a pre-approval letter will also make your offer stand out to a seller compared to the offers that they may be receiving from other home buyers.
Start searching for an Austin Texas home
Ready to get started with searching for an Austin Texas home? If so, contact me today at (512) 944-7378 or click here to connect with me online.