Top Tips for First-Time Homebuyers
Know what you need.
Preparing for your dream home takes more than just a Pinterest board. Consider your current needs and future needs. Is your family growing? Do your pets need a yard? Do you want a roomy work-from-home office or a multi-car garage? Think about things like how much space you will need, who the home needs to accommodate, what school zone it’s in, and what locations are nearby.
Build your credit.
A good credit score is important when buying a home, especially for first-time buyers. It can also impact your interest rate and loan terms. Request a free copy of your credit report and make sure your credit is in good standing before proceeding, and do not open any new accounts when trying to buy a home. For example, if you were to purchase a vehicle, adding an auto loan can dramatically reduce your credit score for several months.
Get pre-qualified for a home loan.
Getting pre-qualified for a home loan helps you narrow down your options and see how much you can truly afford. Plus, including a pre-qualification letter with your offer shows you’re a serious buyer. Accurate Mortgage Group offers specialty loan programs for military veterans, EMS/medical workers, law enforcement, firefighters, doctors, dentists, veterinarians, and educators. Programs like these have helped us stand out among mortgage lenders in Nashville and beyond. More importantly, we’ve helped thousands of people just like you become homeowners!
Know the REAL cost of your new home.
The real price of your new house is more than just your mortgage payment. There’s also:
- Earnest Money Deposits
- Home inspections
- Home appraisals
- Down payment
- Closing costs and other fees
- Moving expenses
You’ll also need to consider recurring expenses such as:
- Property tax
- HOA fees
- Homeowner’s insurance
- Lawn care
Don’t let these considerations scare you off. Some first-time home buyers assume they need 10% to 20% for a down payment, but many people can qualify for a mortgage loan with as little as 3% down! Check out our mortgage calculators for help.
It’s never too early to start saving.
Don’t wait until a beautiful home in an ideal area catches your eye. Start saving up for your first home ASAP and carefully plan your monthly budget while still adding to your emergency fund savings account. Remember you’ll need to pay for deposits, inspections, appraisals, down payments, closing costs, and other fees we mentioned above. Once you move in, you’ll also want to have money saved up to decorate your new space and address any repairs or DIY projects.
Explore unique perks for first-time home buyers.
First-time homebuyers are often eligible for state or federal assistance programs and tax breaks. Your options may vary depending on your location and/or income. Get in touch with agencies in the area you wish to purchase your home to help determine eligibility.
For all these reasons and more, first-time homebuyers in Nashville choose Accurate Mortgage. Reach out now to begin your journey to homeownership.