Let’s say one morning you wake up and realize that, yes, buying a home is the right thing to do for yourself. You’re tired of throwing away money on rent and figure that it’s time to get into a home of your own. But you have reservations.
After all, if it’s your first time, you’ve got questions. You might be a little nervous that you’ll mess up, and it’s normal to feel that way. You are probably spending hundreds of thousands of dollars and making the most important financial purchase of your life.
You will find that being an informed individual about the home buying process is empowering for you. Lucky for you that you came to the right place. So let’s get started buying your first home!
Consider if Buying a Home is For You
Many people harbor secret fears about buying a home, and some of those fears are justified. Not everybody is cut out to own a home, and if you’re one of those people, it’s better to find this out now than when you’re under contract.
Renting vs. Buying
You might decide that renting is better for you than buying, because buying a home has its drawbacks.
Reasons to Buy
On the other side of the coin, there are many more benefits to buying. Keep these reasons in mind if you start to get cold feet.
Should You Buy a Home Before Getting Married?
Tips for home buying with a partner or significant other before tying the knot, plus how to handle the financial details of homeownership without plans to ever marry.
Before Buying a Home, Get Your Finances In Order
Line up your financing, set aside a down payment and study the loan programs available. By doing your homework, you will know exactly how much you can pay and what it will cost you.
Order a Free Credit Report
Give yourself time to clean up a credit report that contains mistakes. Dispute errors. Try to reduce your monthly debt obligations now by paying down those loan balances.
Find a Lender
Check out places to get a mortgage and compare rates and fees. Start with your own financial institution, then interview a few mortgage brokers and choose a loan product you completely understand.