Buying your first home can be a learning experience. From choosing a real estate agent to signing the closing documents, brace yourself for an on-the-fly education on the real estate market. Our real estate agents know buying your first home can be challenging at times, but we help clients through it every day. Here is a list of tips to help you survive the process:
- The Experience Of Your Real Estate Agent Matters
If you're interested in one of these Cleveland homes for sale, finding a real estate agent should be the first step. Buying a home requires navigating the market, scheduling tours, constructing offers, negotiating deals, and much more. You want to work with someone who has been through it before. Ask for referrals and make sure to interview potential candidates.
- Get Pre-Approved Before You Shop
Once you find your dream home, you'll want to act fast. Getting pre-approved before you shop will allow you to quickly submit an offer. A seller is unlikely to accept your offer without a pre-approval letter, especially if they receive multiple offers.
Getting pre-approved is easy. Once you've decided on a lender, you'll need to provide documentation like pay stubs, tax returns, and W2's. Your lender will then confirm you're eligible to receive financing up to a certain amount.
- Know Your Credit Profile
Your credit profile (credit score and debt-to-income ratio) will determine your ability to secure financing. Plus, the higher your credit score, the lower your mortgage rate will be. Sign-up for a credit monitoring app or request your full profile from any of the three major credit bureaus. Learning your credit situation before shopping is a good idea, as it can give you time to improve if necessary.
- Create A Checklist
When buying a home, there are so many factors to consider. You need to know what is most important to you before you start shopping. Whether it's budget, location, size, three full bathrooms, or an attached garage, make a list of the five or six things you simply can't live without. If a home checks all the boxes, then you can start evaluating the "nice to haves."
- Be Patient
Buying your first home can be a long process, and you'll likely have to look at several homes before finding one you like. Be patient and give yourself time. You don't want to spring for one of the first homes you see if it's not the right fit.
Buying a home can be tough, but once it's over, you'll be well on your way to owning property and building wealth. Contact us today if you're in the market for your first home.