o Pay off your existing debts. This would increase
the amount that you can afford for your home loan.
This means you can afford to buy the home of your
dreams!
o A first time home buyer should prepare a monthly
budget for the future to find and decide on how
much he/she can pay as mortgage.
• Get pre-approved for mortgage: After checking
your credit report and paying off all other minor
debts, a first time home buyer can move on to
the next step that is getting pre approval for
a mortgage from a lender. A lender pre-approves
a mortgage for you based on your credit history,
current debts and income. The amount of mortgage
the lender pre-approves will give you an idea
of the price range for you can shop for your new
home.
• How to select the right agent: A first time
home buyer has to be really careful when it comes
to selecting the real estate agent. Your real
estate agent plays a very important role in your
home shopping process. To help you choose the
right agent, here are some tips:
o Check the reputation of the agent. It goes without
saying that any first home buyer should go for
a reputed agent in the market.
o Look for an agent with experience in dealing
with first time home buyers like you.
o And you should feel comfortable with the agent.
You are not going to be life long friends but
you should be able to communicate with the agent
without hickups and he also should be a friendly
and communicative person.
• How to select your home: Making a choice is
not so easy in life. A first time home buyer will
most probably find it difficult to select a home
for purchase. The key is to narrow down your selection
as you go on your home shopping. As you keep visiting
houses you may forget about what you saw some
time later. So, it is good do narrow down your
selection as you go and keep in mind the probable
purchases and eliminate the others. The thumb
rule is to keep just three houses at any point
of time in your home shopping process.
• Do a selection with reasoning: The final and
difficult step a first time home buyer has to
make is selecting the home for purchase. Your
finance may limit you from selecting your dream
house. Any selection you make should be reasonable
and justified for money you are investing.
If you are informed about what to do and how
to do you can have easy sailing even as a first
time home buyer and make a right purchase
