Are you looking to purchase your first home? Some first-time homebuyers don't know where to start. Here are a few tips that you can get you started:
Speak to a Realtor
When you're sick, you see a doctor. When your car doesn't work, you take your car to the service station. If you're looking to purchase a house, you should talk to a Realtor. Most first-time homebuyers don't understand how the purchase process works. By speaking to a Realtor, it allows you to ask questions. Don't take things for granted. It's important you have a sound understanding of the purchase process.
Ask a friend
Do you have any friends who recently purchased their first home? If you do, ask them what their experiences were like. How many properties did they view? Did they have to submit an offer above the list price? Every person's experience is different (and yours will be too).
Save, save, and save
Getting prequalified for a mortgage boils down to two things: your income and your debt. Keep saving and keep paying down your debt. The more you save, the more you can put down. The less debt you have, the more you can qualify for. For example, lets say you had a $500/month car payment. Did you know that $500/month could give you $100,000 more in mortgage purchase power?
Track your spending
By tracking your spending, you can see where your money is going. Once you have this data, make a budget. Having a budget allows you have to control over your money. If you're unfamiliar on how to create a budget, it might be beneficial to speak with a financial advisor.
-RO