What first time homebuyers need to know
Buying your first home is no small feat, but luckily you don’t need to do it alone. Kevin Kalligher, a realtor for RE/MAX Results, has some advice for where to start.
No. 1: Be prepared.
Kevin tells us you should ask your self: how long are you going to live at the property? High offers might not be worth it if you’re only there in the short term.
How much are you willing to spend? You’re housing cost shouldn’t take up more than 30% of your income.
No. 2: Get pre-approved
“It pays to get preapproved for a loan- not just prequalified. Preapproval is when your lender verifies your financial information and gives you a letter saying how much money you can borrow. Preapproval shows sellers you’re serious and that you have been financially vetted to be able to purchase the home.”
“With rates fluctuating in the 6% interest range lately, it’s important to know that you can only lock in that interest rate once you have an accepted offer. Most times that rate lock is only good for 30 days .
No. 3: Make competitive offers
“The current environment we’re experiencing is multiple offers for most every property, and it may take a few offers to finally get the one you’re looking for. But don’t get discouraged. Be patient as owning real estate always wins in the long run.”
Kevin leaves us with this quote:
“Don’t wait to buy real estate. Buy real estate and wait.” — Will Rogers