Home Buying Tips for First Time Home Buyers

1. Home Buying Tips for First Time Home Buyers Home buying is one of the most exciting things for a first time home buyer. However, being over excited combined with lack of understanding of the home buying process can lead to some mistakes that cannot be reversed. It is, therefore, advisable to seek help of a friend or someone in the family who have been through the process before. However, that doesn’t mean you should rely solely on others. You must make some efforts from your side too. Here are a few tips that you must follow to take an informed decision. 1. Know Your Needs You may be confused between buying a single storey home and a duplex, or between a multifamily apartment and a townhouse. It’s okay to be confused between the different options available, but before you proceed you must be clear about what you need. Evaluate the pros and cons of different loan options available to decide what property type satisfies your homeownership goals. 2. Evaluate Your Assets and Liabilities

2. Before a lender approves your home loan they would want to be sure that you will be able to repay the loan. To be sure, they would require your financial information to assess your ability to repay. Some lenders may even require you to have a 2 year track record of solid income. As a rejection may impact your chances of getting a loan from other lenders too, it is important that you do a self evaluation of your assets and liabilities 3. Lookup Your Credit Score Your home loan eligibility and the amount you can receive as home loan depends on your creditworthiness. If you are looking for a home loan and your credit score is not very high, it is advisable to go for a Texas home loan program such as VA, USDA or FHA loan. The credit score requirement for these loans is less than that of a conventional loan. 4. Get Pre-qualified Getting pre-qualified will not only help you get an idea of the amount of home you can afford, but it will also give you an edge while negotiating with the sellers. So, whether you are a first time home buyer, or are already a property owner it is advisable to get pre-qualified to be save time and effort when looking for properties. 5. Choose the Right Home Loan Many first time home buyers make the mistake of going for a home loan without contemplating the pros and cons of different home loan options. Besides comparing the loans on the basis of home loans, you must also consider various other factors such as down payment, prepayment penalty, maximum loan term and more. Last Few Words If you are a first time home buyer it is recommended to seek help of a home loan expert who can help you with every step of the home buying process right from choosing the right home loan to getting pre-qualified to finding a suitable property, and more. Besides helping you make the entire process hasslefree, a home loan expert can also help you negotiate and get lower home loan rates.