Thinking about buying your first home? The first steps for first time home buyers to get started.
Posted by Shannon Sand on Tuesday, January 10th, 2012 at 3:30pm.
Buying your very first home can be exciting and rewarding. It is one of the biggest purchases you will ever make and a big milestone in most people's lifetime. So it is important to feel educated and ready to purchase a home before making the plunge in becoming a homeowner.
A common inquiry I get when working with first time home buyers is, "What is my first step I need to take on my journey to purchasing my first home?" Some may think the first step is to schedule showing appointments for some houses they found interesting online and get started in finding a home they like and dream of owning.
But, in fact, there are several crucial first steps to take when beginning your home search that HGTV's "House Hunters" completely skips over and is not going to show or tell you. One of the very first things first time home buyers want to think about and prepare for is saving up money for a down payment and other upfront costs that can come with purchasing your first home. The minimum down payment you need when purchasing a home is 3.5% of the purchase price. So you will want to make sure you have that and any other extra money for some closing costs you may or may not have depending on how negotiations with the sellers pan out.
The next step is finding and getting to know a realtor you can trust and can help you thoroughly understand and navigate the home buying process process. In addition to finding a good realtor, it is equally as important to find a reputable loan officer at the same time that is knowledgeable and can help you understand the different home buyer programs that may be available to you and give you an estimate of monthly payments and help you understand a comfortable price range before you begin scheduling showings. Getting pre-approved for a mortgage is necessary before scheduling showings with your realtor because you'll know exactly what you have to work with and your house hunt will be more focused. In addition, most sellers will only consider offers from pre-approved buyers so you will want to be ready to go when you walk in to that perfect house and want to make an offer.
If you have additional questions on how to get started on purchasing your first home, contact Shannon Sand with the Homes of Minnesota Team to get you started. It is one of the best times in history to purchase a home with a perfect combination of low home prices and low interest rates. Don't miss out on such a great opportunity!
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Share2 Responses to "Thinking about buying your first home? The first steps for first time home buyers to get started."
awesome post! Keep up the neat work!
Posted on Thursday, February 2nd, 2012 at 11:56 AM.
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Thinking about buying your first home? The first steps for first time home buyers to get started.
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Fantastic blog. Obviously from a loan officer's perspective, pre-approval is so crucial in today's market with so many changes and so many opportunities for assistance. People will be fortunate to have you as their Realtor since you know your stuff and truly care about educating.
Posted on Tuesday, January 10th, 2012 at 10:17 PM.