7 Tips for First-Time Homebuyers

Home Buying

As a first-time homebuyer it’s hard to know where and how to begin your home search. There are often many questions or unfamiliar terms that will be thrown at you during the search.

At Evergreen Home Loans we pride ourselves on providing education to our clients to equip them with everything they need. We want you to understand the process in order to make an informed homebuying decision.

We’ve put together seven quick tips for first-time homebuyers to consider as they begin their home search.

  1. Open Houses – Many first-time homebuyers believe their first step is to pull up their real estate search app of choice and head out on a full weekend of looking at houses. Although this is a great way to check out homes you may be interested in, you’ll want to do some background work before falling in love with that perfect home so you know it’s in your price range.
  1. Look at Your Finances – Before jumping into the home search take a deep look at your financial picture. Are you paying your bills on time? Do you have large credit card balances? Are you delinquent on any accounts?

An imperfect credit picture isn’t a death sentence to your homeownership dreams.  While credit scores can range widely, the higher your credit score, the more options you will have to find a home loan with favorable interest rates.

  1. Know Your Home Loan Options – A home loan is not a one size fits all product, and the lowest interest rate is not always the best. There are many loan types that require different levels of down payment and have short-term and long-term benefits for homebuyers. A trusted home loan professional can walk you through the options and make recommendations on what product might be best for your situation.
  1. Ask Questions – Think of a home loan professional as your partner and guide through the home loan financing world. Don’t be afraid to ask any and all questions you might have about the home-buying process. There are many terms and products that you might not know about. A home loan professional is able to walk you through these details and help you understand how those items relate to your specific home purchase.
  1. Choose a Home Loan Partner – After you’ve looked at your home loan options and asked questions of potential home loan professionals , it’s time to choose the company that will help you with your home loan and start the approval process.
  1. Get Pre-Approved* – In order to help you stand out among potential competition, your home loan partner will want you to go through the pre-approval process. During this process you will submit a variety of financial documents for review. Your home loan partner will walk you through the review of your finances and if you qualify, provide you with a loan amount that the company has determined you can afford. This pre-approval is a backing from the home loan company that you can use to let sellers know that you are a serious buyer and you already took the first step in obtaining home loan financing.
  1. Start Your House Hunt – With your pre-approval letter in hand and your home loan partner by your side for support it is time to call your Realtor and start the house hunt to find your dream home. Best of luck!

*Preapproval is not a commitment to lend and is subject to satisfactory loan conditions including a completed application and property appraisal. Other terms and restrictions apply. Not all products available. Depending on your personal circumstances, more or less information may be required.

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