Buying your first home can be intimidating. But no matter where you are in the process – even if it’s just a thought in the back of your mind at this point – there are ways you can prepare for the purchase.
From better understanding home-buying jargon to keeping your credit score in good standing, we’ve got a few easy measures to take leading up to buying your first home.
Step one? Do your research. There are a myriad of topics you can research when it comes to buying your first home. Understanding how a mortgage works is a great place to start since there are a number of different mortgage types available. Compare and contrast to see what might work best for you.
Another key step in buying your first home is determining how much home you can afford to buy. For some home buyers, a first home isn’t going to be their last home; though for many, it might be. Keep that in mind and be realistic in setting your budget.
When in doubt during the home-buying process, ask for help! From family members who have been in your shoes before, to your bank or loan originator, there are a wealth of individuals and organizations out there that are willing to assist you as you prepare to buy your first home. You’re not alone – always remember that.
If you’re applying for a home mortgage to finance your first home, improving your credit and saving for a down payment beforehand are also extremely important. Your credit can affect your ability to even consider buying a home, and an average down payment can be anywhere between 15 to 20 percent.
Last, but certainly not least, ask yourself (and your partner or spouse if you’re buying a home together) are you financially and emotionally ready to buy your first home?
Weigh your answer carefully and if you’re at all hesitant to say yes, consider preparing even further and delaying the purchase of your first home for a few years. When it comes down to it, there is no rush – and hurrying into buying a new home and potentially overlooking some key details is never a good idea.
Stop by your local branch to chat about purchasing a first home with one of our loan originators or other representatives.