Buying your first home is a very exciting and will create a bunch of memories that will last forever. We at Alliant Title & Escrow are excited to be at the closing table when new first-time buyers sign that last bit of paperwork and get the keys to their new home.
But, before you get to the closing table, a bunch of planning and research is needed to create that big milestone. Here are a few tips:
- Check Your Credit. That is especially important with the recent rise in interest rates as the higher your credit score is, the better interest rate you will get for your mortgage. That means paying off all your credit card debt and be up-to-date with all your other current bills.
- Determine Your Budget. The last thing you want to be is “home-poor”. Just because you have all the money you think you need for a down-payment you will also want to determine what your new monthly bills are going to be and confirm that you can handle that. For example, if you are moving into something bigger your electric bill will no doubt increase. Your new mortgage will also be much higher than the previous rent you were probably paying. These things are very important when looking for a home.
- Figure Out Your Needs and Wants. Are you planning a family? Are schools going to be important? Maybe you want a gated community for extra security. These are all questions you will want answered before you pick where you want to purchase and live.
Don’t go at buying your first home alone. Hire an intelligent realtor that can help guide you through the process and assist with additional things you should consider and do during the process such as getting pre-approved for a loan and shopping lenders.
Alliant Title & Escrow would like to congratulate you in advance of your new homebuying experience and look forward to seeing you at closing!