Here are a few things to know before you buy your first home:
Buyers Don’t Pay The Agent’s Commission
So many first time home buyers wonder if they need to pay the Buyer’s Agent’s commission. Many are surprised to find out that, while the Buyer’s Agent represents the buyer’s best interest, the seller usually pays the commission.
Get Comfortable With Your Monthly Payment
Getting pre-approved for a mortgage is generally the first step you should take as a first time buyer. The purchase price of your new home, the amount of your down payment, the type of loan you choose and your credit score will all affect your overall mortgage payment. It is important that you work with your advisor to understand these variables so that you can determine what price point you are comfortable with. There is a high end and a low end and it is your job, not the mortgage advisor’s, to figure out what you are comfortable paying each month.
Make The Jump!
To steal a line from Nike®…Just Do It™! There are a ton of moments in the first time buying process that are going to make you feel nervous. It truly is similar to having a baby… there is never really a 100% perfect time. You are always going to wish you had more money in the bank, hope that the home had a backyard that was just a little bigger, or that you were just a little more sure what direction your life will be taking in the next 5-10 years. My advice: if you feel comfortable with the payment, love the location and overall feel of the house,, then take the leap and don’t look back.