With low interest rates and plenty of low down payment options available, there will be a lot of first-time homebuyers this spring. If you—or someone you know—are considering buying your first home, here are 10 tips that can help you through the process:
1. Buy when the time is right for you. Don’t let market conditions dictate when you should buy. The ideal time to buy is when you are ready to buy.
2. Work on your credit score. Your score will be a big factor in what kind of mortgage you’ll be able to get, so start working on your credit now.
3. Do your research. Look at different areas and different types of homes and keep in mind that the location of your new home is critical.
4. Know what it means to be a homeowner. Being a homeowner isn’t just about your monthly mortgage payment. It’s also about responsibility and being a good neighbor.
5. Ask lots of questions. Don’t be afraid to ask your agent and mortgage professional questions if you don’t understand something.
6. Get pre-approved. By getting a pre-approval from your lender, you’ll know how much you can afford in terms of a mortgage.
7. Know what you need vs. what you want. Since buying a home is likely to be the biggest purchase you'll ever make, decide what you really need versus what you simply want.
8. Trust your agent and lender. As you go through the process, don’t be afraid to put your trust in your agent and your mortgage professional.
9. Think about your relocation. As you get closer to the finish line, start thinking about the logistics and costs of your upcoming move.
10. Know what needs to be done at crunch time. Know what documents and information you’ll need for your lender and agent in order to complete your home purchase.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671