Tips for First Time Home Buyers

Doing anything for the first time can be intimidating, especially when it involves a significant financial investment. A successful home buying experience, especially your first, involves a great deal of time, research, and assistance. The Zielinski Real Estate Group are experts in their field and have put together a few tips to ensure first-time home buyers are prepared for the purchase to make a confident decision.

Start Saving Early

It should come as no surprise that buying a home is a large financial investment. Aside from a down payment, there are various outside costs involved that first-time home buyers are usually unaware of.

A down payment will take up the majority of the cost, with a typical down payment falling around 20% of the home’s value. There a variety of ways you can choose a down payment, and your realtor will be able to assist you with this decision.

After considering the down payment, you will want to make sure you have enough money left over for a home inspection and closing costs. The earlier you start saving, the better. For more information on costs involved in buying a home, check out 5 Things You Will Need Before Buying a Home.

Strengthen Your Credit Score

Before even beginning your home search, you will need to qualify for a mortgage. Your realtor will be able to direct you to the right person to help with this process, which involves submitting documentation such as pay stubs, tax records, and proof of assets.

Your credit score will also be a factor in not only determining how much you qualify for a mortgage, but how low or high your interest rate will be.

There are a few ways to strengthen your credit score, however, we strongly recommend focusing on paying bills on time. It is also important to try to avoid closing any credit cards, as this will reflect badly on your score. You can easily check your credit score online.

Compare Mortgage Rates and Fees

Like any other big purchase, it is normal to compare prices. The Consumer Financial Protection Bureau suggests requesting mortgage rates and interest rates from multiple different lenders to compare costs.

We also highly recommend asking about first-time home buyer deals and discount points. Depending on your city or state, you may qualify for interest-free loans to put towards the purchase of your home.

Choose a Real Estate Agent Carefully

The process of buying a home for the first time can be intimidating and overwhelming. Having an experienced and patient realtor will make the first-time home buying experience easier.

The Zielinski Real Estate Group is dedicated to their clients and is eager to provide education on the experience. The team understands the importance, and stress, that comes with finding a place that feels like home.

With over 15 years of collective experience, The Zielinski Real Estate Group are experts on the South Jersey area. Learn more about the team and their background here.

Buying a home should be an exciting and proud moment. Following these tips and strategies will help the process run a lot smoother and ultimately lead to an enjoyable experience. The Zielinski Real Estate Group would love to help you on this journey and answer any questions you may have; we always put our clients first.