First Time home Buyer Tips

Posted by catzilla

First time buyers are prized be cause they do not have to sell their current homes in order to buy other ones, and these days that can be a real advantage.

In fact you are so popular that lenders will search around for the right kind of financing to help you get the house you want, and real estate agents will counsel you on how to improve your savings or credit if it proves impossible for you to buy a house right now.

Lenders seem to be making more programs available for the first time home buyer who these days typically has a good salary but has not saved very much money, and governments are also stepping in to try to help the first time buyers.

With the economy and interest rates as they are, more people can afford that first house. So here is some advice and news from lenders and agents if you want to join the ranks of the first time buyers.

Pre-qualify. A real estate agent that you go to for help in purchasing a home will ask you some nosey questions about your income, debt and assets so he or she can determine how much you can afford to spend on a house. Lenders will also be happy to prequalify you, too, either over the phone or in person.

Sometimes first time buyers can afford more than they thought, and it is certainly a waste of time to look at houses without knowing what you can afford. Sometimes an agent will talk with first time buyers for more than an hour on the first visit without viewing houses at all – the more they get to know you, the better they can serve you, so be prepared to spend that time with them.

It is also a good idea to check out some of the first time home buyer services and resources online, as they can be a valuable source of information.

Another avenue to explore is spending some time with a real estate agent because he or she can then send you to a lender who might have the best programs for you. There is such a variety of loans available that a borrower could qualify for a much larger amount under certain programs than under a typical 30 year mortgage deal.

Getting a written commitment from a lender that you are qualified to borrower a certain amount is very helpful.

First Time home Buyer Tips

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