3 Helpful Tips for a First-Time Home Buyer

Mortgage Huntington Beach – Summit Lending

If you’re purchasing a home for the very first time, there’s no question that there will be some confusion and questions that you need answers for.

As a mortgage lender in Huntington Beach, I am here to help make your mortgage process a smooth one with as little stress as possible. Buying a home is a big deal and it’s an even bigger deal when it’s your first one!

Here are a few helpful tips to remember for when you’re ready to make the jump and put an offer on a home!

1.      Get your mortgage pre-approved

This is a big one for any hopeful homeowner. Many sellers will not negotiate with buyers who are not pre-approved, making receiving a pre-approval letter even more important.

Getting pre-approved will also give you and your family an idea of how much you can afford based on your income and current debts. This is a major benefit (and basically a must-have) for any serious home buyer, let alone a first-time home buyer.

2.      Buy for the future

When purchasing, it’s always a good idea to think about the future. Of course, it’s still important to find a home that meets your shorter-term needs, but when you’re committing a lot of money to a home, it should be towards one that you can be comfortable in for years to come.

For example, do you plan on growing your family? If so, a home with more bedrooms and in a neighbourhood close to a school may be ideal. Scoping out homes that are within distance of parks, grocery stores, malls, etc. are to be considered based on your needs and wants for the future.

3.      Plan for closing costs

Simply putting money down for a down payment isn’t enough. Not even close!

Budgeting for closing costs is important so there are no surprises at the end. A good rule of thumb is that closing costs can range between 2%-5% of your loan, while additional expenses like inspections and insurance can also be expected. So, don’t think that once you’ve forked out your down payment money that you’re good to go because closing costs can be costly!

Conclusion

When shopping for a home when you're a first-time home buyer, a mortgage professional can be of great aid when it comes to determining how much you can afford and to help you create a plan of action. With these three helpful tips, you should be in a better position for that first purchase.

If you’re serious about buying a home, contact a mortgage Huntington Beach professional like Eric Gausepohl of Summit Lending for all your mortgage needs!