Are you planning on buying your first home in 2018? We have six tips that will help you accomplish that goal.
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Here are six tips that will help you increase your odds of buying your first home in 2018:
1. Work with a good agent. This may not be the time to entrust your financial future to a brand-new agent or one who dabbles in the industry in their spare time. You’ll likely need a seasoned agent to buy your first home, especially if you’re looking in an area where the market is highly competitive.
2. Get pre-approved. You don’t want to fall in love with a home before getting your pre-approval because if some kind of complication arises with your credit or you’re not approved for the home’s price, you risk losing out on it.
3. Consider a home that needs work. A fixer-upper home can be a great opportunity to buy thanks to a 203(k) rehab loan. This packages the home loan and money needed for repairs. It’s also a tricky loan though, so having a good agent and a good loan officer is key to making sure this loan goes smoothly.
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4. Consider a transitioning neighborhood. The obvious draws of buying a home in this kind of neighborhood are the home would be much more affordable and the neighborhood itself might appreciate and make you a good deal of money when it comes time to sell.
Don’t fall in love with a home before you get pre-approved.
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5. Raise your budget. If your pre-approval from your lender is at $300,000 and you consider upping it by just $20,000, that difference could increase the number of houses you could realistically look at. It would also only increase your monthly mortgage payment by about $80 to $100. Be sure to check with your loan officer to verify this amount, though.
6. Go back to your lender. There may be ways to reconfigure your loan options to get you more money to spend. We work with an amazing loan officer named Michael Debacker from Supreme Lending, so we can put you in touch with him if you have any specific questions how to do this.
If you have any questions or you’re ready to purchase your first home in 2018, don’t hesitate to reach out to us. We’d be happy to help you.
