Things Every First Time Home Buyer Should Know
As if the home buying process isn’t already stressful, first-time homebuyers face a world of uncertainty and a never-ending list of new lessons to learn. As someone who’s been through the process, I had a MILLION questions, the biggest being “where do I even start?” While the biggest key to navigating this process is to find the right agent, here are a few tips to help you get the process started!
1. The first thing you need to do when thinking of buying your first home is start saving! There are a lot of up-front costs when purchasing the home to consider: closing costs, prepaids (insurance and taxes that get put into escrow), and of course, the down payment.
2. Next up: find out what you can afford. Work with your agent to shop for qualified local mortgage lenders who can tell you just how much home you can afford. This will narrow down the home search and help you prioritize the things you absolutely need in a home. It also helps to get pre-approved for a loan before you begin putting offers on homes.
**Pro tip: don’t settle for the first Lender you find, shop around and negotiate for the rates that fit you best.
3. Take a look at this site by the Wyoming Community Development Authority. Eligible borrowers can take advantage of products such as down payment assistance and low-interest-rate financing. You can also take their first-time homebuyer’s course to help educate you through the process of purchasing and owning a home.
4. Know the market. No matter where you go, you are always going to find a unique market with various conditions based on competitiveness, location, prices, etc. Find an agent who can guide you through it and make the best out of any market conditions.
5. Ask all the questions. That’s what we’re here for!