What Does A First Time Home Buyer Need?
If you are contemplating buying your first home you need good advisers. Buying a home can be stressful and complicated. A checklist for things a first time home buyer needs should include a solid real estate agent, a trusted mortgage lender, and a reliable and knowledgeable insurance agency. These advisers will help you through the process, but you should also do your own research. Below we offer some first time home buyer advice.
Tips For The First Time Home Buyer
Have A Budget Plan
The first thing to do when buying your first home is establish a budget. Know how much you can afford to pay for a house and what your monthly payments will be. Make a list of monthly expenses. Most experts recommend that housing should cost no more than 30% of your income. This is good way to determine what you can afford to spend on that first house. Always keep in mind that in addition to the mortgage, there are other costs involved in owning a home. They may include utilities, insurance and maintenance of the house and property. To start off, you should have some cash available for a down payment.
Choose A Real Estate Agent
Your real estate agent works for you and their advice is very valuable. In finding the ideal real estate agent for you, shop around. Feeling comfortable with your agent is important so you should interview more than one. Recommendations from family or close friends can help. Your realtor must be able to answer all your questions and give sound advice as well.
Your real estate agent can recommend a mortgage lender. This doesn’t mean you shouldn’t do your own research too. There are different types of mortgages and you want the one that best suits your needs. Have a credit report on hand when talking to mortgage lenders. Good credit may enable you to get pre-approved for a loan. Having a letter of pre-approval from the mortgage company can show sellers that you are a serious buyer.
A trusted real estate agent will also help in buying first time home buyer homeowners insurance. You’ll need to consult with insurance agents, but the realtor can recommend reliable ones. Some research on your part is again a good idea. Figure out the coverages you will need, and what levels of protection you can afford.
Find Your Dream House
When you have established comfort with your realtor, mortgage lender and insurance agent, go out and find that great house. When you think you’ve found it, check out the neighborhood too. Learn about schools, recreational facilities, shopping, police and fire departments. You and your real estate agent will be a good team, and soon you will be the happy owner of a home.
Don’t Forget Homeowners Insurance
While a trusted real estate agent is key when buying a home, a knowledgeable and trusted insurance agent is also important. Bogle Agency Insurance has been helping home buyers purchase homeowners insurance for over 100 years. Our expertise is unmatched. Your home is most likely your most valuable asset and you want to protect it. We feel privileged to guide first time home buyers toward the best coverage for a home. When you have made the decision to buy a house, call us at (201) 939-1076 for an appointment to talk to one of our experienced agents about your requirements for homeowners insurance.