26
April
Buying a home is not only one of the biggest purchases of your life, but it’s also a very big financial decision. For first time home buyers this can be very scary and stressful, but here at Communie we want to make this an enjoyable experience and less stressful. Here are some tips for First-Time Homebuyers to help you get started if you are thinking of buying:
- FIRST THINGS FIRST…GET PRE-QUALIFIED
One of the biggest mistakes First-Time Home Buyers make is looking at homes before they know how much house they can actually afford. One of the first things you will want to do after joining Communie is talk to our preferred lender and pre-qualified. By doing that you will know your actual price range that you can afford. This will also actually help speed up your loan processing time down the road.
Communie is all about finding the right community that works for your needs. Not only do you need to love your home, but you have to love the community you are in. After browsing our site and looking through the hundreds of different communities there are in Utah we find it best to really spend more time in that community before you buy. Drive through the community so you get a good feel about the location and make sure you will love it’s location and overall feel.
Your down payment will be one of the most important parts of buying your home and it’s time to start saving! The amount you put down will determine many things, one being your monthly payment. If you have a 5% down payment there are good loan options for you, but you will also need mortgage insurance. If you have 20% down, that mortgage insurance payment isn’t necessary. There are even have zero down loan options if you meet certain qualifications. Our preferred lender will be able to help you find the best loan program for you!
One big mistake people make is start racking up their credit card bill or make big purchases before they close on their house. If you are buying a house then you will want to hold off on taking on any new debt during the loan process. Acquiring new debt will change your debt ratios and can cause problems with your loan. Any big purchases that you are wanting to make, you’ll want to do so after you close on your home!
