First time homebuyers, listen up!👇🏼📣
Buying a house is one of the biggest purchases you’ll make in your life. It’s a big deal to take on the responsibilities of being a homeowner, and feeling overwhelmed or stressed about the process is completely normal! Doing your research ahead of time and knowing what to expect will help you to prepare for the home buying process ahead. Here are some answers to my most frequently asked questions from first time buyers: Q: Should I buy instead of rent? A: There are many benefits that come with purchasing a house. These include tax breaks, equity, security, financial gains, value appreciation, freedom, capital gains, and more. Q: Am I ready to buy? A: If you can answer “yes” to at least 2 or 3 of the questions below, there’s a good chance you’re ready to purchase your first home 1. Do you have a steady job? 2. Do you plan to stay in the same area for a long period of time (3-5 years)? 3. Is your current income reliable? 4. Have you saved for a downpayment and other moving costs? 5. Can you afford a monthly mortgage payment? 6. Is your credit score decent? Q: Do I need to work with a real estate agent? A: It’s not required to purchase a home with a real estate agent, but it's highly recommended! The home seller typically pays all agent commissions, so as a homebuyer, you can work with a realtor for zero cost! Q: How do I find a lender? A: Search online for someone in your area or ask your real estate agent for a recommendation. You may want to consider talking with couple of lenders to figure out who you work best with and who can offer you the best rates! Q: Does my credit score really matter? A: Your credit score plays a big role in the process of applying for a mortgage. You can figure out your credit score by using sites like [myfico.com](http://myfico.com/), [equifax.com](http://equifax.com/), or [experian.com](http://experian.com/). Typically, you'll need a credit score of at least 590 to purchase a home, and anything above 760 is preferred. Have questions about the home buying process? Send us an email! We’d love to chat more with you + give you some answers!