Tips for First-Time Home Buyers

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Posted: May 24, 2011 by Coldwell Banker Sea Coast Advantage

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Being a first-time home buyer is exciting. Browsing Wilmington, NC new homes to find the perfect place to start your life is special.

While you may be overwhelmed with excitement, you may also be overwhelmed with anxiety. By following these helpful tips, you can take some of the stress and anxiety out of the home-buying process:

• Pay off your debts – Before you buy your first home, evaluate your current debts and do everything you can to pay them off. The less money you owe on cars, school loans and large purchases, the more money you will have available for your new home.

• Check your credit – When trying to qualify for a loan, your credit score is one of the most important contributing factors. Get a credit report so you have a better idea of what lenders will be looking at when considering you for a loan.

• Find out exactly what you can afford – Calculate potential mortgages to estimate what your payments may be. Try out different prices until you find a range where you feel comfortable.

• Understand what loans are available to you – Do research and meet with your bank to find out what types of loans are available to you. Ask about FHA loans, Fannie Mae loans and any available private loans.

• Get pre-qualified – Being pre-qualified for a loan will make the home-buying process much easier. This can help you narrow the range of homes that you are interested in, and help you get a better understanding of exactly what you can afford. If you are pre-qualified, your offer will be taken more seriously than someone that hasn’t spoken to a lender.

• Calculate your down payment – Taking into consideration the money you have saved and other programs that can assist with your down payment, decide on a figure that is manageable for you.

Be an educated home buyer. Do your research and find the perfect Jacksonville, NC real estate for you. Use all the resources available to you as a first-time home buyer and enjoy this special time in your life.