The 1, 2, 3's of Your First Home Purchase

If one of your New Year's resolutions is to buy your very own home, there couldn't be a better time than the present!  30 year mortgages dropped last week to a record 3.89%, according to a recent article in Yahoo Finance.   


When you get ready to start looking, here are three things to keep in mind:

1)  Get Preapproved

Before you do anything, get yourself pre-approved for a mortgage.  If you know you can get a mortgage, you won't set yourself up for disappointment if you find your dream home and then can't purchase it.  Be sure to get your lender to give you a mortgage pre-approval letter in writing.  This will give you a solid price range to begin your search with, and will let your realtor and potential seller know that you're a serious buyer and not just browsing! 

2)  Develop your Wish List

 What do you absolutely need in your new home, ie. 3 bedrooms, more than one bath, granite countertops, move-in ready, a fenced yard, or a garage?  What are some of the items on your wish list that you can do without?--Most homes aren't a perfect match, and you need to be open to the idea that you might not get every single item on your wish list.  If you don't go through the looking process in a slightly detached manner and you fall in love with every home you see, you are likely to over-pay for your home.  By using your Wish-List, you can hone in on the home you can't live without!

3)  Gather your Team

Buying a home is a complicated process with many people involved.  Having the right people on your side can make a big difference.  An experienced, knowledgeable and reliable Buyer's agent can put you in touch with lenders, home inspectors, contractors, and movers so that you have a team of advocates working for you immediately.