A NOTE TO FIRST TIME HOME BUYERS
Dated: August 20 2022
Views: 113
A Note To First Time Homebuyers
It’s Easier Than You Think!
Buying a home can feel extremely intimidating—there’s a lot to know, and do, and qualify for, and budget for. With the right Realtor though, it really is easier than you think. As a recent first-time homebuyer myself, I compiled a list of things I think everyone considering buying should know:
· Different Loans Have Different Standards – Most people think you need great credit and several thousand dollars in the bank to buy a house. Wrong! Some loans require $0 down if the home is in a certain area. Others can accommodate lower credit scores if the home and borrower meet stricter standards. Your Realtor can suggest the right lender to help you become a homeowner no matter what your financial situation.
· Even With a $0 Down Loan, There Are Still Fees – Most contracts require an Earnest Money Deposit, and buyers usually need to pay for the inspection and appraisal. But for roughly the same cost as a security deposit on a rental, you can become a homeowner!
· Pick a Great Realtor, and Only Use Them – New buyers sometimes think they’ll get a better deal by going directly to the listing agent. Wrong! A buyer’s agent will negotiate with the listing agent to get you the best deal possible. New buyers also sometimes think when they find a home online and click “speak to an agent” or “make an appointment” that they’re being connected to the listing agent. Also wrong! This sends you to someone in a pool of local buyer’s agents. Select your Realtor, and they can help you with any and every property you find!
· Insurance Rates Make a Big Impact on Your Monthly Payment –It’s extremely wise to shop around because rates can vary drastically and can impact your monthly payment by several hundred dollars. Consult your Realtor if you have questions about different policies and providers!
· You Can’t Finance It For More Than It Appraises For –Many new buyers in today’s crazy market think they can win the bidding war by offering $20k over asking price since it would mean a fairly small difference in monthly payment. This is unfortunately wrong as well. Listing agents put a bit of research into pricing a home, and often they’re very close to what the home will appraise for. That means if you want to offer over asking price, you should have the cash to back it up.
Ask your Realtor for more tips on how to place the winning offer and get into your dream home! If you have any other questions, would like more tips on buying, or need help with anything real estate-related please call or text me anytime!
Stacy Tobin, Realtor
C 228.731.0494
O 228.357.5888
Brittany Geotes
Brittany and her husband, Andrew Geotes, own and manage NextHome Simplicity and their real estate photography company, UZZI Media. After seven years of university, Brittany became a Realtor in January....
Latest Blog Posts
New Construction vs. Existing HomesDue to the national housing shortage, many buyers are choosing new construction over existing homes. In this hot market, many buyers find themselves in
At NextHome Simplicity, We Go Above and BeyondBuying or selling a home is one of the biggest life decisions you’ll ever make. Choosing the right Realtor to represent you in this fast-paced
Bay St Louis vs. Ocean Springs These beautiful beachfront communities are on opposite sides of the MS Gulf Coast but offer very similar amenities and tourist attractions. More importantly, both
MLS United® - All information deemed reliable but not guaranteed. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
