5 Things to Think About as a First-Time-Buyer

Here are 5 quick tips to keep in mind if you're a first-time-buyer. Being a first-time-buyer you don't have the experience you might need so here are a few good tips to try to help you out:

1. Low credit-score borrowers can pay thousands of dollars in interest over the life of the loan because they get charged a higher rate than someone with better credit.

2. Shopping for other things before closing. Lenders will continue to check credit scores right up to the closing date. Too much shopping could cause the lender to cancel the loan because they are worried you won't be able to pay the mortgage with your new added debt. Don't shop before your home closes...be patient.

3. Scrimping or opting out of inspections. Being surprised by things after you move in can be horribly frustrating. Know what you are getting into by having those who know what to look for find what might be wrong with the home during your inspection period. I cannot stress this point enough...GET INSPECTIONS!!!

4. Write an offer with contingencies. Buyers should leave themselves an opportunity to opt out if the inspections uncover problems that were not anticipated. Contingencies are your safety net so make sure your agent knows what they are writing in your offer.

5. Reserve fund for insurance, taxes and misc moving/home improvement. Insurance and taxes can be a surprise if you're not budgeting for them. I like impound accounts as you pay into it monthly and you don't have to worry about coming up with the money. Also, leave yourself a pad in case an appliance doesn't survive the move or you want to paint before you move-in. Plan ahead so that the moving experience is a good one.

There are obviously a thousand other things to keep in mind but I've found that these 5 seem to pop up most frequently. Contact me anytime if I can help you or someone you know with their Real Estate needs. Thanks!