Buying your first home can be a very exciting milestone in life but it can also be a very overwhelming process. Learning as much as your can before beginning the process can only benefit you as you begin the exciting journey. Here are some of the most important aspects to consider that will play a significant role on your way to owning your own home.
Price Range– before you start even looking for your dream home, it is a great idea to figure out just how much you can actually afford per month on a house payment. You would be really disappointed to find a home you love only to figure out later that it is out of your price range. There are a variety of tools available for figuring out a financially responsible amount you can afford based on your personal financial situation. Then, once you have a price range figured out, you can begin fun part of looking for a home!
Know Your Credit Score– knowing your credit score before you even go and talk to a lender can save you a lot of time and hassle. Most lenders require a minimum score before they even consider loaning to you. A credit score is especially important for the first time home buyer home loan.
Pre-Qualified is not the same as Pre-Approved– some lenders offer pre-qualification for potential borrowers and this can often be confused with pre-approval. Pre-approval is a much more solid representation of the amount you will receive from the lender because your financial information (credit score, earnings, debt and others) are considered in the pre-approval process. Also, when making an offer on a home, the seller will know that it is a solid offer that can be backed up.
Home Inspection– hire a qualified/licensed inspector to make sure that the home is in good condition from the foundation to the roofing. Make sure that your purchase agreement in your offer is contingent upon a good inspection result. Think about it this way, you wouldn’t buy a car without test-driving it right?
Work with a Realtor– it is always recommended that you work with a reputable realtor when going to through the home buying process whether it is your first time or fifth time. A realtor can help you find homes that fit your needs, make reasonable offers and help with any other questions or issues that come up during the process.
First time home buyers in Arizona have multiple options when it comes to choosing a lender to finance their new home through. When working with a lender, they will help review your options and choose the best one that makes sense for you. Helpful lenders will discuss programs such as Arizona down payment assistance and others that help homebuyers make their dreams come true. The Loan Officers at NOVA Home Loans are the best in the Valley and have been helping homebuyers since 1980 and now serve 12 states. When it comes to helpful staff and experience, NOVA Home Loans is the best you will find.