|First Time Buyers
Tips for First Time Home Buyers
If you are considering buying your first home, don't wait. There are too many good programs, low rates and incentives to pass up an opportunity like this.
Let me start off by giving you some valuable tips you need to know before jumping into the home buying process.
FIRST ~ Get your finances in order. Make sure you know all the details about them. If you don't understand them, then adding a mortgage to the lot is not the wisest idea. Make sure you know your credit report and fix any mistakes or discrepancies on it. Know your income and your outgo and how much you think you can really afford. Remember that the mortgage is not the only expense to owning a home. Taxes, interest, insurance and maintenance are all part of the process. Make sure you have money left over for any emergencies that might arise and repairs that come along.
SECOND ~ Find a reputable lender you trust and feel comfortable. This is not the time to get the best deal necessarily. Shop around for fees, points, rates and costs involved. You will find is varies greatly from banks to credit unions to mortgage brokers and each has their pros and cons. Let them know you are shopping around and that they need to give you the best possible deal. Don't sign anything you don't understand and if the lender is not willing to explain it until you do, maybe that is a sign they are not the lender for you.
THIRD ~ Use a buyers agent. Of course I would say this, I'm an agent! But it really does pay to use an agent specifically representing you and not the seller. When you go to buy a home there are usually two agents involved. The agent listing the home and the one bringing the buyer. If the listing agent brings the buyer, that agent receives all the commission. When a buyers agent is involved, that commission is split between the two agents. You can see why a listing agent would want you as their buyer! They get the entire commission. By using a buyers agent, you get top notch service because it doesn't matter to the buyers agent which home you choose, they will get paid by the seller. What really matters is YOU! The buyer! You interests are kept and your information confidential from the sellers. The buyers agent is only working for you. This can save you thousands in negotations and save you headaches throughout the process.
Feel free to give me a call anytime to help you start the home buying process. I specialize in Bothell homes and Kirkland real estate but can help you find any home or property in the Snohomish and King county area!