If you are purchasing a house for the first time, you are probably excited to imagine what your life might look like in a bunch of different houses. At the same time, the process can be a bit overwhelming. The housing market is competitive right now, the financing process can be confusing, and you might not know exactly what you are looking for. What are a few of the most important tips first-time home buyers need to know?
Reach Out To Experts For Help
First, you need to reach out to professionals who can help you during the process. For example, you should always reach out to a real estate agent with local knowledge. That way, they can help you figure out what house is best for your needs. You should also reach out to a local loan officer for a pre-approval letter. This will make your offer more competitive, and it will give you a budget with which to work.
Figure Out Your Down Payment
You need to figure out how much money you have for a down payment. If you are buying a house for the first time, you might be able to qualify for an FHA backed loan, which may allow you to purchase a house for less than 20 percent down. You may want to talk to an expert about how much money you should put towards your down payment versus how much money you should use to pay off other sources of debt.
Keep Your Finances Stable During The Closing Process
After an offer has been accepted, you must make sure you keep your finances stable during the closing process. You do not want to pull money from your down payment for other big expenses, and you should not open any new credit cards. You should also try to avoid switching jobs during this time. Your loan officer will do a deep dive into your finances, and you must make sure everything is stable.
Get Ready To Buy A Home
Even though purchasing a house for the first time can be daunting, there are experts who can help you. As long as you have the right team behind you, you should find the right house to meet your needs.
About the Author:Babak Moghaddam graduated from University of Southern California in 1985. He entered the mortgage industry as a compliance auditor at the Bank of New York in 1986 and completed his masters in Business Administration two years later. After seventeen years in the traditional mortgage banking world Babak finally transformed this vision into his own practice in 2002 when he formed Charter Pacific Lending Corp, a mortgage company that has provided over $900 Million in residential real estate loans throughout Southern California. Babak and his team do things a little differently than other mortgage providers. They work as financial advisors, because they have come to realize that a mortgage is a very powerful financial tool. And just like any other financial tool, it should be managed as part of the overall financial management plan to reach every home owner’s long and short-term financial goals much faster. You can contact Babak for a free consultation and strategy session at (800) 322-1217 X103.