A First-Time Home Buyers Guide
Buying your first home can be quite an exhilarating process. There’s always so much to look forward to; the home décor, designing the interiors, picking out the right curtains and a lot more. While all this may be exciting, there’s a lot more that goes into buying a home than you might think. It’s a big investment and comes with tons of extra not-so-exciting expenses. From getting the right contractor to the plumber, all of these things are now your responsibility.
If you’re reading this, chances are you’re looking into buying a home. And that’s wonderful! But before you get started, we’ve curated a list of things for you to go over to ensure you’re making the right decision.
Here is our guide for first time home buyers:
If you’re looking to buy a home, you would need at least 5% to 20% of the cost of the house to cover your deposit. The more you have saved the more options you will have when it comes to finding houses with lower mortgages. Once you’ve set aside your down payment, you will also have to accommodate closing costs and moving-in expenses.
Good Credit Score:
For you to be able to qualify for a mortgage, you need to have a good credit score. This will also determine the interest rates lenders are willing to offer. To ensure a good credit score make sure your bills are paid in a timely manner and your credit cards are open. Additionally, keep a track of your score and get your hands on a reliable credit report.
Selecting The Right Mortgage Rate And Fees:
This is very crucial because it will determine how much your lender is willing to loan you and the interest rates, they’re charging you. Do your research and figure out whether a particular lender is right for you. In certain situations, you can even qualify for discount points. This means that if you’re able to partially pay an amount of the loan as soon as you receive it, your lender might lower the interest rates for the remaining sum you owe.
Get A Preapproval Letter:
If you have a mortgage preapproval from your lender, this will indicate to the realtor that you’re a serious buyer. Having this will certainly give you an edge over someone else who might be interested in the same property.
Though there is a lot more that goes into buying your first home, you don’t have to face all the financial complications by yourself. We, at Opulent Finance, are here to help you with our team of highly experienced mortgage brokers and home loan investment specialists.
Contact us, we’ll assist you in planning your finances while also developing proposals that suit your needs.