A successful home buying experience is all about getting the details right from start to finish. These tips for first-time homebuyers will help you navigate the process, save money and close the deal. We organized them into four categories:

• Preparing to buy tips.

• Mortgage selection tips.

• Home shopping tips.

• Home purchasing tips.

   

Preparing to buy tips

The main costs to consider when saving for a home are your down payment, closing costs, and your moving expenses. You will want to sit down and look at how much you can spend on a house before starting to shop. Our My Mortgage Toolbox is a great app to use to calculate your home affordability. The app can help with setting a price range based on your income, debt, down payment, and credit score. Lastly, check your credit score! Your credit score will determine whether you qualify for a mortgage and affect the interest rate that the lenders will offer. Start by getting a copy of your credit report. Be sure you are paying your bills on time, and keep your credit card balances low.

Mortgage selection tips

Your mortgage broker will be able to go over the mortgage program options that will work best for you. You will discuss the mortgage rates and fees comparisons from the different lenders. Your mortgage broker will talk with you about getting pre-approved and the advantages that can bring when it comes time to place an offer on a home.

Home shopping tips

When you start to shop for your home, choose a real estate agent carefully. A good agent will look in the market for homes that meet your needs and guide you through the negotiation and closing process. Pick the right type of house and neighborhood to fit your lifestyle and budget. Would you like a fixer-upper home or a home that is more renovated and ready to move in. Think about your long-term needs and whether a starter home or forever home will meet them best. If you plan to start or expand your family, it may make sense to buy a home with extra room to grow.

Home purchasing tips

When you find a home you would like to purchase, paying for a home inspection will add to making an informed decision about buying the property. The home inspector will do a thorough assessment of the structure and mechanical systems. Negotiate with the seller; you may be able to save money by asking the seller to pay for repairs in advance or lower the price to cover the cost of repairs that will need to be made. The final tip is to purchase homeowners insurance before closing the deal. Home insurance covers the cost to repair or replace your home and belongings if they’re damaged by an incident covered in the policy. It also provides liability insurance if you’re held responsible for an injury or accident.