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BuyersFor Buyers

3 Tips for First-Time Home Buyers

Jody Davis, Broker,10/22/2021

When thinking of purchasing a home, it can quickly become overwhelming. 

Debt to income ratios, credit scores, down payments, loan programs, fast talking sales people are enough to make you want to rent for forever. 

When I bought my first home, I talked to so many people, from mortgage lenders to contractors to agents, that I didn’t know where to turn next.

Luckily, I will try my best to simplify a few things to consider when starting the process.

 

1.    Check Your Credit Score

Your credit score will be one of the first items a lender will consider.

A good credit score can help you with better interest rates and qualify for certain programs a lender is offering at a given time.

Most lenders will want your credit score to be 580 or above for an FHA loan.  A credit score of 640 or more is much more desirable and will help you qualify for more loan programs.

A simple way to check your credit score is to see if your credit card offers this.  Most credit cards have a free option to view your credit score.

If not, a simply way to check your credit score for free is to visit Equifax. 

 

2.    Home Affordability Calculator

After checking your credit score, it’s important to get a preliminary idea of how much you can afford.

A simply way to do this is to find a Home Affordability Calculator.  A simple Google search will suffice.  Here is my favorite - Bankrate.

Knowing your credit score as well as how much you can afford will give you a leg up.

Once you know this information, you can start to work with a lender to get a pre-approval.

 

 

 3.    Find A Real Estate Agent

Once you’ve done your preliminary research, the next step is to find a dependable agent.

As a buyer, you have many options.  Luckily for you, this is one of the easiest steps because you can get the help of a professional for free.

In most cases, you won’t have to pay for a buyer’s agent.  Typically, the seller pays for the real estate commissions.

A good agent will also guide you through the process from start to finish.  A best friend beside you who looks out for your best interests along the way.

When starting out, I highly recommend any of our agents at Hometown (I’m a little biased).  We all love working with first-time homebuyers. The satisfaction we get knowing you’ve found the perfect house is the fuel that drives us all.

 

 Jody Davis, Broker

 

 

 

 

 

 

Sources:

Equifax: https://www.equifax.com/personal/credit-report-services/free-credit-reports/
Bankrate: https://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx

 

 

 

 

 

 

 

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Hometown Realty - Columbus410 Main St. Ste 1Columbus, MS 39701
662.570.1051
info@hometownrealtyms.com

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