First Time Homebuyer Checklist - What do you need to know?

Dated: July 2 2021

Views: 142

FIRST TIME BUYER CHECKLIST

1.  SAVE FOR THE FOLLOWING

                       

  • Down payment (Typically 3%-5%)
  • Closing Costs (Ask your Mortgage Rep what those look like)
  • Escrow for Insurance and Taxes
  • Inspection Costs  

2.  IMPROVE CREDIT SCORE

  • Stay Current on Bills
  • No Major Purchases
  • Don't Cancel Any Credit Cards
  • Higher Credit Score = Lower Interest Rate 

3.  CALCULATE WHAT YOU CAN AFFORD

                        

4.  GET MORTGAGE PRE-APPROVAL

5.  DECIDE WHAT YOU WANT IN A HOME

  • CHECKLIST 

6.  CHOOSE A REALTOR (Preferably ME!)

7.  VISIT HOMES

  • If You Love it - Take a Few Photos
  • Make Notes -What do you Love?  What do you not like?

8.  NARROW CHOICES 

  • Visit the Neighborhood during the day and at night to guage traffic, noise, etc.
  • Test Commute - Do you want to make that drive everyday?
  • Consider Re-Sale Value - Most First Time Homebuyers move in the first 5 years. 

9.  MAKE AN OFFER

  • Have your agent guide you as to market value and what it will most likely appraise for
    • Common Contingency Opt-Outs (to relieve your anxieties and fears)
      • If home appraises for less than mortgage
      • If inspection reveals flaws owner won't fix
      • If you lose your job before deal closes

10.  SCHEDULE HOME INSPECTION

  • Your agent will do this with you - You do NOT need to figure this out on your own!

                                          

11.  FOLLOW-UP WITH MORTGAGE COMPANY FOR NEXT STEPS

  • Home Owners insurance
  • Any final paperwork
  • Locking in mortgage rate

12. GET READY FOR FINAL WALK-THROUGH

  • Test light switches and sockets
  • Check Windows and Doors Work
  • Test Faucets, Drains, and Toilets
  • Check any other Inpection Items

13.  GET READY FOR CLOSING!!!

                  

TIME TO MOVE IN! YAY!  YOU DID IT!

Welcome Home!

 

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