Tips For First-Time Home Buyers
1. Be Sure You’re Ready To Commit To A Loan
The No. 1 tip for first-time home buyers that we can offer is to be sure you’re ready. The average mortgage loan term is 15 – 30 years. Although you don’t need to stay in your home for that amount of time, buying a home is still a major commitment. Be 100% sure that you’re ready for homeownership before you take on a mortgage.
Start by asking yourself the following questions:
Am I ready to commit to this home and city for at least 5 years?
Do I have an emergency fund that can cover at least 3 months of expenses?
Do I have a stable income?
If the answer to any of these questions is “no,” you may want to hold off for now. Keep saving. Keep researching.
Consider whether you have any events on the horizon that could affect your location, income or expenses. If so, these are other reasons to pump the brakes.
2. Don’t Skip The Preapproval
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