Looking to Buy Your First Home? Here are 5 Steps You Will Need to Take
Buying your first home is an exciting time, but with all of the work involved, it can also be an overwhelming one. However, if you do your research and plan accordingly, you can find the house of your dreams without the nightmare. Here are five steps to take when buying your first home:
- Get a financial checkup: To know how much you can spend on a home, review your finances. Build up a down payment, save for the extras that come with buying a home, and if needed, start fixing your credit right away.
- Go mortgage shopping: To get the best deal on anything, including a mortgage, you need to shop around. Ask for a lower interest rate, better terms, reduced fees, and other mortgage products from various lenders and see which offer works best for you.
- Hire a real estate agent: Who knows the housing market better than a real estate agent? Interview several agents, make sure they listen to you and understand your needs, and ask for referrals. Make sure you are comfortable with your choice.
- Calculate the numbers: The down payment, mortgage payments, closing fees, moving costs, homeowners insurance – can you afford to buy? There’s only one way to know, and that’s by running your numbers. Include every possible expense related to the home to determine its overall affordability.
- Get that home inspection: An inspection can tell you a story about a property that can make or break your decision. This immediate expense can save you thousands of dollars in the long run.
If you need advice about the steps to take when buying your first home, contact the friendly professionals at Shumacher Insurance. Their knowledge and experience will help you navigate the home buying process for an easier path to the American Dream.