5 Tips for First-Time Homebuyers

By: techdev | 31 Oct 2019

Becoming a homeowner for the first time is an exciting step and a great way to invest money. Unfortunately, many people jump into this decision without first doing their research. Here are some tips to first-time homebuyers: 

  1. Get Pre-Qualified:

    • At Texas Republic Bank, we believe this should be the first step in knowing how much you can qualify for, what kind of down payment is necessary, and which program is best for you. We have a full array of mortgage products including 30-year and 15- year fixed-rate loans.  If that doesn’t work for you, our bankers will create a custom mortgage that best suits your needs – we call it the “common sense mortgage”. Come in and talk to our friendly staff and let us help you get into your dream home! Read more about our mortgage lending or call us at 972-334-0700.
  2. Research locations/neighborhoods: 

    • The next step is to decide on your location. It is best to refine your search to specific neighborhoods or school districts. Make sure that your location is a good fit for your family, work, and personal life. 
  3. Find a real estate agent: 

    • Make sure that you find a real estate agent that is willing to listen to your needs. As a first-time homebuyer, a good real estate agent can is key to ensuring everything goes according to plan. 
  4. Attend open houses: 

    • Attending open houses in your desired neighborhoods can give you helpful insights like average home value, common issues, or HOA fees. Even if you aren’t interested in the houses you visit, don’t pass up on this important step. 
  5. Save money: 

    • Before you buy a home it is always recommended that you are prepared for the various expenses that go with it. Some common expenses to look out for: 
      • Down payment: Most experts recommend that you have 20% of the home’s value saved for a down payment 
      • Closing costs: Your real estate agent can help you estimate how much you may need for closing costs
      • Moving expenses: The expenses don’t stop at closing day – you still have to move in! Hiring movers or renting a truck are all expenses you should be prepared for. 
      • Emergency Fund: It’s important to prepare for repairs or unexpected expenses as a homeowner.

 

 

 

 

 

 

 

 

 

 

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