First-time homebuyers may not have experience with buying a home, but there are ways to make the experience a more pleasant one.
If they remember to shop around and plan ahead for the purchase process.
Do I Need a Real Estate Agent?
Real estate agents can help you narrow your housing options. Make sure the agent works for you so the agent will be working for your interests.
Your agent can take your criteria for a home, including cost, neighbourhood, schools, home size and amenities.
Which lists all of the homes for sale in a particular area.
Where Do I Find a Loan?
We recommend that first-time homeowners consult with several lenders before applying formally for a loan.
Every lender offers different interest rates and fees, and those can impact your monthly mortgage payment.
By shopping with different lenders you can find the best possible deal.
Consult different types of financial institutions, including mortgage brokers, credit unions, savings and loans, traditional banks and government lenders.
How do I figure out how much house I can afford?
This is the key question, and it will affect your life every single day after you close on your home, especially if you miscalculated.
Your mortgage broker can help you with some of these calculations, but you also need to do your homework and prepare your personal budget.
Keep ALL costs in mind when looking at your house budget:
maintenance on a home, property taxes and insurance, and all of your other bills.
If you’re stretching yourself too thin, you’re likely headed for disaster.
Do I pay my Realtor?
During my house hunt, I was always worried I was going to be handed a bill at the end of it all for our realtor’s time and expertise.
I was happy to learn that normally the seller pays the Realtor’s fees since there is a contract between seller and agent.
When the seller pays all the Realtor’s fees associated with selling the home, the seller pays the Realtor’s brokerage and the brokerage distributes the earned commission to all the parties involved which generally includes the buyer’s agent.
How long does it take to buy a house?
Longer than you think. This is not an easy question to answer because every home sale is truly different.
After you finally find a home you want to buy and your offer is accepted, it can typically take 30 – 45 days to close on your loan.
So, if it takes 4 months to find a home you like, it will take probably another 2 months to close.
Kindly go through this post as we talked about first time home buyers faq, send us a message if need be.