7 Tips For the First-Time Homebuyer

Advice For the First Time Homebuyer

Article originally published at Bankrate.com

Buying your first home can be nerve-racking. As a first-time homebuyer, you will navigate a process that might include uncertainty, excitement, confusion and frustration.

But preparation and knowledge can help you stay on the right track. Here are seven steps that can improve your chances of having a good homebuying experience.

• KNOW YOUR CREDIT
  If you think you may want to buy a home in the near future, your first step -- and perhaps the most important one -- is to watch your credit. Familiarize yourself with your credit history and make sure all the information in your credit reports is accurate.
• HIRE A GOOD TEAM
  Buying a home for the first time is supposed to be fun, but it’s actually hard work and at some point during this process, you will feel overwhelmed. You’ll need to be surrounded by professionals who know what they are doing so they can guide you and provide answers to your questions.
• GET PREAPPROVED FOR A MORTGAGE
  Homebuying does not begin with home searching -- unless you are sitting on a pile of cash and won’t need a mortgage. Otherwise, make sure you get a preapproval from a lender before you even begin hunting for a home.
• DETERMINE A BUDGET AND STICK TO IT
  Don’t wait until you are shopping for a house to find out how much home you can afford.
• TIME THE END OF YOUR LEASE
  How long will it take to find the home I love? When will I close? When will I move in? Until you actually sign a contract to buy your first home, these questions will remain unanswered.
• CONSIDER DOWN PAYMENT ASSISTANCE
  Many first-time homebuyers overlook down-payment assistance programs that may be available to them through state and local housing authorities.
• INSPECT THE HOME BEFORE AND RIGHT BEFORE
  You’re making a huge investment. Have it inspected by a reputable home inspector while you are under contract.

The Kombrink Lobrillo Team at RE/MAX Great American North in St Charles are experts in helping first-time hombuyers navigate through their first purchase. With a team of experienced Realtors and a deep support staff, they are available to spend the time needed to help you understand every step of the process. You can reach them at (630) 488-3300.

Read the full article at Bankrate.com