You Need to Know This: 5 Tips to Keep in Mind Before You Buy Your First Home

By Jitender Sharma - May 21, 2018



For sure, you’ll feel a rush of excitement when it comes to your first home purchase. It’s one of the most significant investments of your life, and it’s not surprising that you’ll feel like that. However, you need to know that buying your first home is not a walk in the cake.

There are things that you need to consider before buying your first real estate property. If you don’t have that basic knowledge of home purchase, there’s a high chance that the purchase process won’t be what you expected. So, for a little help, here’s a list of tips that will help you your first home purchase.

Fix Up Your Credit

Any lender who knows the good and bad side of providing a mortgage to borrowers will see to it that he’ll look at your credit history before you get it. In this case, it will do you better if you pay those past loan liabilities for you to have fewer hassles in your mortgage application.

It’s because if your lender notices any unpaid liabilities on your credit history, he has the right to cancel your mortgage. For sure, you won’t like that.

Don’t Shift Finances Until You Have the Mortgage

It’s essential for you to know that the pre-approval from your lender will depend on the current state of your finances. Sometimes, homebuyers will change to other finances to get the better of the home purchase deal even before they acquire the loan, and it’s a mistake to shift your finances in this situation.

It’s advisable that you stay to your current finances, and muster up some patience until you get the mortgage. If your lender sees that you shift your finances around various accounts, he has the power to demand an explanation why you did that. Explaining to him will be too much of a hassle and a waste of time on your part, for sure. Avoid it as far as possible.

Be Wary Before You Sign a Contract

In the whole process of the purchase, it’s inevitable that you’ll sign legal papers (and there are many papers to sign!). You might find these papers you have to sign as ordinary papers, but they’re contracts. 

It’s crucial that you have a lawyer in every signing of papers, and you should read everything written on them. If there are things that put you in a disadvantaged position, you have the right to ask and negotiate it if possible.

Put Your Long-Term Plans into Consideration

As mentioned earlier, the first home that you’ll buy is one of the biggest decisions you’ll have to make. Thus, before you seal the deal of the purchase, it’s crucial that you put your long-term plans into consideration.

Think about if the property will be your home for a long time. Or, there’s a probability you transfer residence because of job or what. 

Get the Advice of a Trusted Realtor

Realtors often have a commission from a successful property sale, but it’s not the seller who will pay the realtor. It’s the seller. Thus, it’s advisable that you take the opportunity to ask the realtor to help you in the process of the purchase.

A trusted realtor who has the experience and expertise in a home purchase will guide you through the process and will consider your interest first and foremost. From the property inspection to the negotiation of the price, etc., your realtor will be a huge help for you.

If you want to consult a realtor, you can tap the services of real estate experts at Ashe Morgan for that purpose.

Takeaway

Buying a real estate property is not a no-sweat process. For you to have the best buy, you need to the basics of the home purchase. In fact, there's a myriad of things that you need to consider before sealing the deal. You can take some wisdom from the tips above for that purpose.

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