Key Takeaways
- 35% of all homebuyers are first-timers .
- Online tools are powerful and can help you map out your debts, assets and spending habits so that you can improve your financial status. Mint.com is free and easy to use
- FHA, VA, USDA, and Good Neighbor Next Door are just a few loan options available to help first time buyers.
Diving into homeownership can be both overwhelming and exciting – a roller coaster of emotions, if you will. But if you take the necessary precautions to ensure you are in fact ready to become a first time homebuyer, the process will run smoothly.
There is a lot more behind the scenes work that goes into buying a home than what a newbie might think. It takes more than finding the house you like, paying the asking price and moving in. In realty, you’ll be spending days upon days working with your agent, viewing properties, negotiating with sellers and more. And when you do finally find your dream home, there are inspections to be had, offers and counter offers to be made, and escrow periods to wait through. So first things first, know that the process of becoming a first time homebuyer won’t be easy, but it will be worth it.
10 Step Action Plan For First Time Homebuyers
Once you know you’re ready to buy a home, what next? Finding an agent? Driving through different neighborhoods? While these steps are important to take, the most crucial task for a would-be first time homebuyer to accomplish is getting your finances in order.
Ask yourself, “how much can I truly afford?”. And keep in mind, it’s more than just the down payment cost you’ll have to think about. There are realtor fees, inspection fees, closing costs, HOA fees, and of course thos pesky mortgage payments.
Despite the hard work it will take, if you’re ready to become a first time homebuyer, be sure to cross these 10 items off your to-do list:
