9 must-know tips for First time homebuyers

Buying your first home is an exciting milestone. But before you start packing, there are a few things you need to know. Here are 9 tips for first time homebuyers.

Credit report

Congratulations on finally taking the plunge and becoming a First time homebuyer in Hampton Roads! One of the first things you’ll need to do is get your credit report in order – after all, your score will play a big role in determining your mortgage interest rate. But don’t worry if it’s not perfect our Local Lenders, work with first time homebuyers all the time and can help you get the best interest rate possible, let us help you get started on the path to homeownership!

Find a real estate agent

Thinking about buying a house. It’s a big step, but it’s also an exciting one. But where do you start? Well, the first thing you need to do is find a local real estate agent. And not just any agent, but one of the Search7Cities agents. They’re some of the best in the business and they’ll help you find the perfect home. They know the area like the back of their hand, so whether you’re looking in Virginia Beach, Norfolk, Chesapeake, or any other part of Hampton Roads, they can help you with all your home buying needs.

Set a budget

First time homebuyers need to remember a few things when choosing the right home. It’s important to find a home that meets your budget requirements, is the right size and is in the right location. It’s easy to fall in love with a house, but if it doesn’t meet your needs then it’s not the right house for you. Take your time, do your research, and make a decision that you’ll be happy with for years to come. With so many beautiful homes in the area, you’re sure to find the perfect one for you if you keep these things in mind.

Get pre-approved

Getting pre-approved is like having a golden ticket for homebuyers. It shows you’re approved for a mortgage for a specific amount, which can come in handy during bidding wars. Our local, trusted lenders can help streamline the process and get you pre-approved in just minutes. That’s way less time than it would take to line up all the other ducks in your first time home buying process! So, if you’re ready to take the first step toward homeownership, getting pre-approved is a great place to start.

Finding the right Loan

If you’re a first time homebuyer in Hampton Roads with a small down payment, you’re not out of luck. There are still plenty of options available to you. FHA loans, for example, only require a 3.5% down payment. And if you’re a veteran or active military member, you may be eligible for a VA loan, which also doesn’t require a down payment. So don’t despair if you don’t have the 20% down that’s typically required for conventional mortgages. There are still plenty of options available to help make your dream of homeownership a reality. Talking to a Local Lender will give you the best options available.

Keep your credit stable

If you’re a first time homebuyer, you’re probably already aware of the importance of maintaining a good credit score. But what you may not realize is that your credit can impact your mortgage approval and underwriting process. Mortgage lenders want to see that your credit is stable, so avoid opening any new accounts or racking up credit card debt during this time. By keeping your credit stable, you’ll increase your chances of getting approved for a mortgage and getting the best possible interest rate.

Don’t empty your bank account

There are a lot of upfront costs that you need to be aware of. It can be tempting to empty your bank account to pay for them but resist the urge! Doing so is incredibly risky and leaves you with little money to handle unexpected expenses. Instead, save up as much as you can and only use what you need to cover the costs. This will help keep you safe financially and ensure that you have a cushion in case something goes wrong.

Find the right neighborhood for you

But before you start packing your boxes, it’s important to do your research on the neighborhood you’re considering. Walking around and talking to people is a great way to get a feel for the community. You should also investigate things like crime rates, school quality, and nearby amenities. Knowing how close it is to your work, grocery stores, playgrounds, and other must-haves is important, too. So, take your time and evaluate the neighborhood before you commit to being a homeowner. It could save you a lot of headaches down the road.

We hope the tips will help you avoid common first-time homebuyer traps and make the process as smooth as possible. Buying a house is one of the biggest decisions you’ll ever make, so it’s important to do your homework and know what to expect. If you have any questions or need more advice, don’t hesitate to reach out to us – we’re happy to help!