Being an educated homebuyer is critical.
Being educated about the home-buying process and your rights empowers you to make informed decisions and advocate for yourself. Proper homebuyer education ensures that you understand what to expect, and your rights throughout the home-buying process.
Every Homebuyer Should Want to Learn
Picking the right homebuying team.
No one will have more impact on your homebuying experience than your real estate agent and mortgage lender. Learn what to look for and how to interview your homebuying team.
Save money when buying a home.
Frankly, not knowing may cost you money. Homebuyers who understand the basics of buying a home and getting a mortgage can use their knowledge to their advantage to help them save.
Protect your financial future.
Buying the right home at the right time can set you up for long-term financial success.Buying the wrong home at the wrong time can set you back years financially.
First-Time Home Buyer Education
All things considered, there are a lot of moving parts to a successful homebuying experience. These tips for first-time home buyers will help you save money and close the deal. Whether you are starting to save for your downpayment, starting to learn about different mortgage options, or trying to find a property that fits your needs
Preparing To Buy a Home
Saving A Down Payment
Buying a home will cost money. Even if you use a 0% down home loan like the VA Home Loan or USDA Loan, you will need some money on hand for inspection, closing costs, and moving in. The best thing you can do is start saving early by setting up an account at your bank where you will put your down payment fund.
Check out these savvy ways to save for your down payment.
Dedicated Down Payment Savings Account
If you are serious about buying a home then you need to put the money in a specific place that you will not see or touch.
Set up an automatic transaction from your checking into your homebuying account that happens when you are paid.
Use Your Tax Return Wisely
Most people have money taken from their paychecks to cover the taxes that they need. By adjusting your withholdings you can have MORE withheld than necessary. This becomes forced savings and results in a refund at the end of the year.
**consult a licensed CPA before making any changes to your tax withholdings**
Down Payment Assistance or 0% Down Home Loans
If the idea of saving 3-5% of a property’s value to purchase a home is too difficult to achieve.
Then educate yourself on your state’s downpayment assistance programs or consider using a 0% down mortgage option like the USDA Loan.
Preparing Your Credit Score
Showing good credit is crucial when purchasing a home as it demonstrates your financial ability to repay the mortgage. If you are preparing to purchase a home you want to be very mindful of your creditworthiness.