Now is a great time to buy your first home with historically low interest rates and home prices still low. In order to make the right decisions for you please consider the following items to determine if the time is right:
Check your financial ability by meeting with a professional mortgage broker. Your Horizon Realtor can assist you to choose a mortgage broker who specializes in first time homebuyers and that is willing to take time to explain thoroughly all of your options. Knowing how much home you can buy and how much down payment and closing cost will be required will prepare you up front before you begin shopping for a home.
Don't go shopping and fall in love with a home that you can't buy. Establishing your purchasing power up front is a must. Having a solid pre-qualification will also help when you do find a home as it will increase your negotiating power with the seller.
Once you have your mortgage type chosen and the pre-qualification in place it's time to go shopping with your Horizon Realtor to find your perfect home. It is best to make a clear list of wants and needs, clearly defining the difference. Establish good communication with your Realtor and let your Realtor know the best communication method for you whether it be text, email, or phone. Be realistic in your expectations and time frames.
You found the right home, now you and your Realtor will discuss and prepare a purchase and sale agreement outlining the offer you wish to make to the Seller. Your Horizon Realtor will walk you through the process and explain in detail what to expect.
The closing process and mortgage process can be stressful in today's environment but look toward your mortgage broker and your Realtor to hold your hand through the entire process. Lenders make lots of request for information that may seem unreasonable but bear with them. Be sure during this process that you do not make any major purchases that might affect your debt ratio or credit score.
Next thing you know you will have the keys to your new home and it will be moving day!!