8 things to learn before buying your first house.

Dated: June 25 2022

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8 things to learn before buying your first house

 

Becoming a first time home buyer is one of the biggest challenges and decisions in our lives and also one of our biggest dreams, and for us, as immigrants, is the biggest dream, the American dream. That is why you should research what to do and what not.

This is an exciting journey but the one you need to be more ready for, in this blog we will cover a couple tips you need to know to make it as easier as possible  . 

  1. Hire a right real estate agent, who has the required experience and skills to guide you through the whole process and will help you find the perfect home for you.

  2. Get prequalified: Get all your financial documents, Paystubs, w2s and bank statements.And assess your debt. Lenders want to make sure you can handle the mortgage (Determining your debt to income ratio DTI is the first step, it needs to be below 43%) Keeping your debt under control is one of the most important things when it comes to applying for a mortgage.

  3. Check your credit and work on it if not perfect. The bigger the credit score, the lower your interest will be. Get free credit reports from the three credit bureaus so will have an idea of what to do to improve it.

  4. Explore Mortgage options, don't marry to the first one, It will directly impact how much you will pay.

  5. Look for first time Home buyer assistance programs. Benefits can include low or no down payment, low interest rates and help with closing costs.

  6. Pick the right neighborhood and house, don't feel pressured to buy the first one you see, remember you will spend a lot of time between those walls, so shop carefully, is not like a pair of shoes you can return the next day.

  7. Stick to your budget, the lender will probably try to lend you more money that will put you out of your comfort zone, put a reasonable offer if you  don't win, then try and other property.

  8. Negotiate with the seller.You may be able to save a couple bucks if you ask the seller to make some repairs before you buy.



Whether you are buying a house tomorrow or in a few years it is important that you keep all those tips in mind.

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