Many first-time homebuyers want to know the best way to buy a house. While details can vary from one sale to the next, there are some tried and true guidelines for every real estate market. Here are some crucial tips for first-time buyers shopping for a home:
Explore mortgage options
Explore different types of mortgages by comparing conventional and FHA mortgages. FHA loans, offered by the Federal Housing Administration, allow borrowers with a less-qualified credit score to obtain a mortgage with a lower down payment.
Conventional loans offered by banks and other mortgage lenders might have tighter approval requirements, but can have lower interest rates.
Utilize open houses & virtual tours
Touring houses is an essential part of the home search, but unfortunately not always a practical one. Luckily, 3-D tours and video tours are available for countless listings online, allowing you to visit from the comfort of your own home.
If you're able to attend an open house in person, you'll have the valuable opportunity to explore the neighborhood as well.
Find the right real estate agent for you
A well-qualified property agent understands the current housing market. Their experience and knowledge makes them a valuable partner in the homebuying process. If you're not sure where to start searching for a real estate agent, try asking friends or colleagues for recommendations.
Don't forget closing costs
In determining the total amount of money that you're willing to spend on your purchase, make sure to include closing costs. You'll get a quote from your lending agent in advance, but some buyers are still surprised at how much the closing cost actually ends up being.
While expenses vary by lender and location, expect to pay between 3% and 15% of the total purchase price at closing.
Are you ready to get started in finding your dream home? Keep these tips in mind for the best possible homebuying experience.
About the Author
Julia Brown and Barry Weiss Weiss
Introducing the partnership of Brown & Weiss. Julia & Barry have a combined 23 years of experience in real estate and over 70 combined years of customer service. They each have lived in the Wilmington area for over 20 years and are very familiar with the local market. Their savvy negotiations and cutting edge marketing join uncompromising integrity as the hallmarks of Julia and Barry’s service. They are well respected in the Wilmington area not only for their professional track record and high ethical standards, but for being hardworking individuals that will do anything in their power to ensure their client’s success. Julia and Barry enjoy working for the number one real estate company in the area- Coldwell Banker Sea Coast Advantage. With the Coldwell Banker brand and their experience behind the sale or purchase or your home, you can’t go wrong. So, put us to work for you today and “Let us light your way home".
