Knock Out The Nerves When Buying For The First Time!

Is this the first time you are buying a home? Are you nervous about such a big step? Here is some information that will calm your nerves a bit.

This is a GREAT time to buy. Maybe the best buying situation in history. Interest rates are incredibly low (well below 5%) and the buyer has the negotiation leverage that will help you get that perfect home at the right price. However, there are still several things you need to know about buying a home.

First, figure out how much you can afford. Your credit history, income, debt, down payment (if any) and the current interest rate will help you determine what you qualify for. Your lifestyle will help you determine how much of a monthly payment you can live with. A lender can give you an estimate of what price range you should be looking at just by talking to them for 5 minutes. The lender will also give you an idea of how much money you will need in your bank account to complete the transaction.

Second, there are several programs that can help someone like you who is buying their first home. FHA offers programs where you only need to put down 3.5% of the purchase price. If you qualify for a VA loan you can finance 100% of the price. Same goes for USDA loans. That's right, no money down is still around.

Third, Find a professional real estate agent to help you find your home. You can locate agents online and then interview them over the phone or in person. It is very important that you interview agents before you choose the one for you. The level of service provided varies tremendously from agent to agent. The best agents will help determine the right home for you, negotiate the best price/terms and facilitate a smooth transaction so you don't have to worry about the purchase.

Fourth, when you find a home you like, jump to it. There number of homes for sale has dwindled over the past 4 years. Thus, we find that we are usually competing with other buyers when we find the right home. Being decisive helps in getting you into your new home. Otherwise, your search could last for months and even years.


If you need someone to help you through this first time home buying process, call Tiare Dutcher 808-753-5327.