Buying a home for the first time is a life changing ambition, and it can make you feel like a needle lost in a haystack .
You’ll hear lots of conflicting advice from friends, family, and co-workers.Nonetheless, taking that first step is crucial to reaching your goal as a first time homebuyer.
Rob Mahallati, Broker, and owner of Philadelphiahouse.com, offers this advice:
Collecting paperwork like pay stubs, bank statements and tax forms might seem like a nuisance, but if the agent is asking for them there’s a reason. We can’t determine the mortgage you can afford without getting a good look at your finances. An accurate reading of finances allows for an accurate mortgage projection
Be patient. The agent must pull your credit scores and consider any negative items on your credit history to determine your ability to carry a monthly mortgage payment. Plenty of people struggle with credit on various levels, and there is help . There are plenty of resources to boost your credit scores, so be sure to examine all your options.
Pick the right house. Most first time home buyers become second time home owners inside of ten years, sometimes sooner. Families grow, children leave the nest, and people relocate for career opportunities. Whatever the reason, the majority of first time homeowners eventually move on. Keep this in mind as you house hunt. Don’t drive yourself crazy looking for “the perfect house”. Instead, put effort into finding a house that’s “perfect for now”.
Buying “as-is” isn’t always better than buying a house that’s been renovated. In most instances renovated properties mean choices in flooring, bathroom tiles, kitchen surfaces, and the like. This gives your house more of a personal touch once its completed.
After you’ve bought your house, make sure you keep it. Ensure your mortgage payments are on time, don’t fall into any spending habits that could damage your credit score. Basically, pay everything in a timely manner to avoid foreclosure.
Home ownership has many advantages. Paying your own mortgage beats paying your landlord’s, hands down. There are also tax benefits, the growth in your home’s appreciation, and every payment you make on your mortgage pushes your credit score that much higher, making the eventual purchase of another house a cinch.