5 Hacks for First Time Home Buyers

Donald Trump and Hillary Clinton have taken the proverbial gloves off, taking stage and slinging jabs at one another over policy and everything else during the presidential debates. It’s quite a spectacle and will likely be the most widely-watched series of presidential debates in modern times. Pundits are saying that Trump really didn’t prepare and perhaps Hillary Clinton might have over-prepared. But when it comes to buying your first home, there is no such thing as over-preparation. Here are five hacks savvy first time home buyers employ.

Know Then Go. First time buyers know whether their loan application will be approved or not before they ever even start shopping for a home. That’s because they’ve already submitted their loan application to a lender and provided their financial information such as pay check stubs, bank statements and a credit report has been pulled and reviewed.

Check Your Emotions at The Door.  First time buyers know to keep their emotions in check. Sometimes first timers will see a home they absolutely, positively must have and pay more than what they’re qualified for. Get rock solid on the maximum you’re willing to pay for a home and stick to it. Emotions and money don’t mix well.

Be Flexible. Don’t be hard-headed when it comes to buying your first home. Be flexible in terms of location and amenities. You might very well discover there is a better deal in a better location if you let your real estate agent have free reign.

Be Credit Wise. One of the very first things you should do before you even speak with a lender is to get a copy of your credit report and check for mistakes. Unfortunately, it’s well-known that consumer credit reports are rife with mistakes. Don’t find out your credit report has problems while you’re shopping for a home. If you do find mistakes, document the error and let your mortgage company help with fixing what needs fixed.

Don’t Fly Solo.  Finally, there’s no reason to go this alone. Get some referrals for a good real estate agent, your loan officer can help here, and take advantage of a licensed professional. A real estate agent knows the neighborhoods, where to live and things like good schools and shopping as well as neighborhoods that hold value and appreciate over time.