Have you finally decided that owning your own home is a dream you want to make a reality? Whether you are tired of paying monthly for rent, or are tired of having noisy neighbors that lack consideration, making the decision to buy your very own home is exciting and rewarding. Not only will you have your very own space that can be decorated and suited to your own personal taste, you are also investing in your future by exploring the values of home ownership. For first time home-buyers, the process to own your own home may be quite daunting. To alleviate many of the common mistakes in first time home buying it is important to be aware of issues which you can avoid. Knowledge and preparation of common pitfalls can make the biggest difference between happily ever after in your new home and failing miserably.
Beginning the Search
If you are beginning the search for houses for sale, it may seem natural to search online and begin sifting through the results for all available homes for sale in the city. While doing that is a great starting point, the one thing that many prospective home buyers will notice is that there are a great deal of homes available for sale with various features and pricing options.
Purchasing a home for sale that is $175,000 may not seem like a large purchase , but understanding how your monthly mortgage payment, fees, and any other payments will fit into your existing budget is perhaps one of the most important elements to consider when purchasing a home.
Pre-Qualification for Mortgage
For that reason we recommend prospective homebuyers become pre-qualified prior to beginning the home buying process. Mortgage pre-qualification allows banks to tentatively approve your credit application, as well as provides you with a starting point on how much you will be able to afford. Another reason becoming pre-qualified is a great idea is that it shows how serious you are when it comes to putting a bid in on a house.
After becoming pre-qualified, another great idea for prospective home-buyers looking for their first homes for sale in locations such as Philadelphia, is to attend a new home-buyer seminar. These seminars are usually hosted by local real estate companies, and are a great source of information for first time buyers. In these seminars you will learn about the approval process, mortgage rates, taxes, personal mortgage insurance, how to avoid foreclosures, and other relevant information relating to purchasing a home within a particular area. If you are serious about buying your first home, these seminars are a must.
Decide & Purchase Your Home
Choosing to purchase your first home is a big decision and may fill you with trepidation throughout the home buying process. While the whole process can cause stress and anxiety, it is important to remember that at the end of the day, after all paperwork is signed and the keys are handed over, the house is yours and that you have reached your goal of becoming a homeowner. During the process remember to sit back, breathe, and stay on top of all paperwork and inspections in order to make the process run as smooth as possible.
Real Estate Advice is brought to you by RE/MAX Access – The Somers Team with help from freelance author, Sarah Smith.