What to Know When You Buy Your First Home

Real Estate Blog

When you start a new process or work on something you have never before completed by yourself, it is always a good idea to get some pointers from those who have experience and to do some research on the process beforehand. This is no different when you are ready to buy a home, as you should do all you can to make the process as stress-free and easy as possible for a successful purchase. Here are some recommendations for when you are looking to buy your first home.

Hire a Real Estate Professional

Because you want to get some help from those who are experienced in the field of real estate, a professional real estate agent will be able to provide this to you. Professional real estate agents are trained in real estate law and have experience in writing up the contracts and negotiating a beneficial purchase agreement, so they can be a good asset to your home purchase.

Shop around to help you find a great agent that you can work well with, keeping in mind they will spend quite a bit of time with you and provide advice and recommendations to help you search for and negotiate the purchase terms on your future home. But don't worry about having to come up with the cash to pay for their sales commission; they will share the commission with the seller's agent for their compensation.

Arrange for Financing

Once you have found a great agent, you will need to prepare the financing method you will use to buy your new home. There are many options you can pursue for home financing, and it does not always need to be with your local bank. You can talk to a mortgage broker about financing with one of the many lending programs that are available. 

A mortgage broker has access to various lending banks to find one that fits your specific circumstances and credit. For example, if you don't have credit established yet or you have bad credit, there are types of loans available so you can qualify for your own financing. For more information about no-credit financing, contact a company like SWE Homes.

As another example, if this is your first home purchase, there are additional programs you can apply for that do not require you to put a large down payment for the financing. Or, if you don't have sufficient credit, you can look for seller financing, which means that the seller acts as the bank in the transaction.

No matter the financing method you select, be sure you are aware of the financing terms and interest rate so you can be prepared to pay for the loan in full and fulfill its terms.


31 May 2019

Improving Your Real Estate Holdings

About a year ago, I realized that there were some serious issues with our home. I could tell that we needed to do something to upgrade our residence, so we started looking for a different property. I was able to find a really nice real estate agent who could help, and they worked hard to pair us with the perfect home for our budget and lifestyle. Now I can honestly say that I love my home, and I couldn't have chosen a better one on my own. Check out this blog for great information on improving real estate holdings and finding a better home.