Tips for The-First-Time Home Buyer
10 TIPS FOR THE FIRST-TIME HOME BUYER
NAVIGATING THE HOME BUYING PROCESS MORE SMOOTHLY. 
Buying a home can be intimidating, especially if you’re a first-time home buyer. The process can be complicated and filled with unfamiliar lingo and surprise expenses. To make the first-time home buyer process a little less intimidating, here are 10 tips to help you navigate the home buying process more smoothly.
1.) Start saving
When buying a home, you can anticipate having to make a down payment. Though many lenders now permit a lower down payment, a lower down payment can increase your monthly payments. Therefore play with a down payment calculator to help determine a goal amount to save. The more money you are able to save for a down payment, the less your monthly bill will be.
2.) Attend a First-Time-Home-Buyer Seminar
More knowledge about the home buying process is better than none. A first time home buyer seminar is a great way to learn the ins and outs of the home-buying process, and can better pre-pare you for the obstacles you may encounter.
3.) Check the selling price of homes in your area
Determine the neighborhood/area you would like to live and see what the houses are selling for. This will give you a better idea as to how much money you will need to save, and helps determine what you may be able to afford.
4.) Estimate what your total monthly housing cost would be
Calculate your mortgage, taxes, insurance and utilities to help determine your monthly housing cost. By calculating these expenses you will have a better idea as to how much you will need to budget.
5.) Determine your budget
Look at your budget and determine what you can afford. If you don’t have a budget, start really evaluating all the bills you have each month and figure out how much money is left compare to what you make. By having a budget, you will have a clear financial breakdown of what you can afford.
6.) Examine your credit
Poor credit or the inability to make a substantial down payment can make buying a home extremely difficult. Therefore, run a credit report to see your credit score, verify if there are any mistakes, and determine what areas you may need to improve to help increase your credit score. Paying off some credit card debts for example is a good idea, any outstanding medical bills that could have gone to collection... make a list and when contacting a lender ask for advice, they are there to help you. They will know what debts should be paid off first and which ones make a difference in you qualifying for a loan.
7.) Get your documentation in a row
To get pre-approved for a loan, you will need pay stubs, bank account statements, W-2’s and tax returns. Other information may be needed upon request.
8.) Find a lender and get pre-approved
Getting pre-approved for a mortgage allows you to lock in at a certain rate, as well as determines the amount of money a financial institute is willing to loan you. Don't forget you can only afford what the bank will be willing to loan you. Which many factors can affect that. But be sure to not let that stop you because you don't think you will be able to get qualify, take that first step in contacting a lender, there are so many options out there and the chances are there is a solution that you might not have known about.
It is also always a good idea to ask a realtor for lender's recommendations. We know the best ones and can guide you in the right direction. Don't stop at one either, call up to 3 different lenders before choosing who you want to work with. They can offer you different options, different rates and you might feel more comfortable with one rather than the others. Surround yourself with the right people it will make the process more enjoyable.
9.) Find a realtor
It is always a good idea to find a realtor to represent you when buying a home. A buyer’s agent will represent your interest, instead of those of the seller. One of the best ways to select a realtor is through a referral from a family member or friend. Another great way to find a realtor is going to open houses and talking to different agents holding various home opens to see who you feel the most comfortable with, and appears to be the most knowledgeable about the areas you are looking in. As a buyer you don't pay your realtor's commission, the seller does. In saying that why wouldn't you want to be represented and have someone with experience help and guide you throughout the whole process.
10.) Look at houses
Prior to looking at houses, make a list of ‘must haves’, the things that are most important to you. This can help filter out what homes aren’t worth you or your realtor’s time to look at. When looking at homes, do let the little things go. It’s easy to get caught up on superficial details like paint color, light fixtures and carpets. These features are easy to change once the home is yours. Also, be prepared to compromise. It’s rare to find a house that’s perfect in every way, so think carefully about what details you’re willing to compromise on and what you’re not.
Always keep an open mind.
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