8 Things First-Time Homebuyers Need to Consider

[Greg Raymer]

Your credit score: Your credit score will play a significant role in determining the mortgage interest rate you qualify for, so it’s important to check your credit report and address any errors or issues well before you start the homebuying process.

How much you can afford: Make sure you consider all of your expenses, including the down payment, closing costs, and ongoing mortgage payments, when determining how much house you can afford.

Saving for a down payment: Many lenders require a down payment of at least 3% to 20% of the purchase price, so you’ll need to have enough money saved up for a down payment.

Saving for closing costs: In addition to the down payment, you’ll also need to pay closing costs, which can include things like appraisal fees, title insurance, and attorney’s fees.

Location: Consider the location and the neighborhood you’re buying in. and what you want in proximity like schools, parks, transportation and your workplace.

Research different types of mortgages: There are many different types of mortgages available, including fixed-rate mortgages, adjustable-rate mortgages, and FHA loans. Research the pros and cons of each to find the one that's best for you.

Get a Home Inspection: always consider getting a home inspection, which can reveal potential issues with the home that may not be immediately visible.

Consider the long-term: owning a house is a long-term investment and commitment, it may require repairs and renovations, so plan for these expenses as well.