Common Fears of homeownership
Buying your first home is a big step and the responsibilities that come along with owning a house can be overwhelming. From the stress of finding the perfect home to figuring out your finances and applying for loans, to closing, these fears and feelings of overwhelm are completely normal. But just because they’re normal, doesn’t mean you can’t do anything to feel more comfortable with your decision to buy a home!
Finances
Buying a house is a big financial investment and as a first-time home buyer, you’ve most likely just finished paying off your student loans or are working on paying them off. As your next financial move, that could mean going into a fair amount of debt, working with a financial advisor prior to starting the house-hunting process can help you tackle your financial situation and be prepared to take the next steps.
Credit Score
When you’re going through the mortgage loan approval process, your credit score will play a big role in whether you’re approved or not, and for how much. Most loans require a credit score of at least 620 but there are some types of loans, including VA loans, that are a bit more flexible.
To help establish a good credit score:
Pay your bills on time
Keep balances low
Limit how often you apply for new credit
Extra Fees
There are a lot of fees that come up during the home buying process and being aware of them upfront will help you better budget for them. A few fees you’ll want to budget for include down payments, closing costs, and property taxes. Your realtor will be able to discuss the exact fees you’ll have to pay and how much they’ll cost upfront. By knowing all of the fees you’ll be responsible for, there won’t be any surprises and you’ll be able to eliminate the stress by setting the money aside as you go through the home search process.
Work with a Real Estate Agent
By working with a real estate agent to find your dream home, you’ll eliminate the stress of going to open houses for every home that’s for sale and will be able to craft the perfect offer.
Ready to get started on the home buying process? Contact our team at RESOURCE360 today at 203.594.0360.