11 First Time Home Buyer Tips(And the Mistakes to Easily Avoid)
1. Start saving for a down payment as soon as possible
No one Normally has all money with them to buy house thus mostly buyers need to take bank loan. Bank normally finance only 80% of total piece f house thus one has to have 20% as their margin money therefore those who want to buy house needs to start saving margin money in time or else they may force out good opportunity
2. Check your credit report and fix any errors as soon as possible
Now a days before financing any loans bank checks credit score of the person who wants to take loan. This credit company are outside agencies who lower your credit scores If you default any bank payments these defaults could be of very small amount but it reduces your credit score thus one must check and plug all errors which may affect your credit score.
3. Keep some money set aside for closing costs, moving costs and any after move-in expenses
There are other costs like stamp duty taxes which are over and above the cost of house and which are sometimes not by financed by banks thus buyers should keep some additional money for all these expenses.
4. Look into first time home buyer programs
Study first time buyers information’s on all sources as possible.
5. Work out exactly how much your first home mortgage can be
Check out about interest on loan and how much installments to be paid and try to get best of both.
6. Get more than one mortgage quote
Shop around with bankers to get good deal on interest and installments and take loan where you get the best deal
7. Get a pre-approval letter
banks Normally sanctions loans on the basis of your incomes one can get thus approval in advance and keep it and as soon as opportunity comes one should strike it.
8. Negotiate before buying your first home
Negotiable with sellers of house a good price and other things remember you make money when you buy cheap
9. Take out suitable homeowners insurance
For rate guarding your valuable house take appropriate house insurance etc.
10 Don’t borrow more than you have
Do not borrows above your requirements of house buying because you may end up spending and that will be additional burden on you to repay
11 Don’t be afraid to ask more questions during the inspection