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Tips for the: First Time Home Buyer

Congratulations on taking the exciting step of becoming a first-time home buyer! Here are some tips to help you navigate the process:

  1. Determine your budget: A lot of people just guess how much house they can afford but you really dont know until you meet with a lender. In the meantime, assess your finances and establish a realistic budget. You will need money for the down payment & closing cost.

  2. Know your credit score: Credit Karma is NOT the score lenders will use, but it will help you have an idea of what is on your account (collections etc). Pull your FICO scores. Lenders use credit scores to evaluate your creditworthiness. Review your credit report for any errors or issues that need to be addressed. A good credit score can help you secure better loan terms and interest rates.

  3. Get pre-approved: Before you start looking on Zillow house hunting, please get pre-approved. You dont want to fall in love with a home that may not be in your budget. This process involves a lender reviewing your financial information to determine the loan amount you qualify for. It provides a clear idea of your budget and makes you a more attractive buyer.

  4. Research neighborhoods and prioritize needs: Consider your lifestyle, commute, amenities, and future plans when selecting a neighborhood. Make a list of must-haves, such as the number of bedrooms, outdoor space, or proximity to schools, and prioritize your needs accordingly.

  5. Hire "me" as your realtor (shameless plug again): Engage a reputable real estate agent who specializes in the area you're interested in. We can guide you through the process, help with negotiations, and ensure your interests are protected.

  6. Don't rush into a decision: Of course dont waste anyones time, but take your time to carefully consider each property. Avoid making impulsive decisions, and don't feel pressured to buy if you're not completely comfortable. Remember, this is a long-term investment.

There are a few more tips of course but these are the main ones to get your wheels spinning. Remember, buying a home can be a complex process, but with careful planning, research, and the right professionals by your side, you can make informed decisions and find the home that's right for you.

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