Close Menu
SavvyDime
    What's Hot

    What is Zero-Based Budgeting?

    July 22, 2021

    Understanding Your Investment Risk Tolerance

    July 23, 2021

    5 Incredible Money-Saving Hacks

    August 9, 2021
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram RSS
    SavvyDime
    • Technology
    • Environment
    • Health
    • Lifestyle
    • Legal
    SavvyDime
    Home » 5 Tips for First-Time Home Buyers
    Legal

    5 Tips for First-Time Home Buyers

    By Riley BrownNovember 17, 2021Updated:February 4, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Email
    First-time home buyers often make bad decisions while buying a house
    https://www.pexels.com/photo/man-in-gray-sweater-holding-hands-with-woman-in-gray-long-sleeve-shirt-7641899/
    Share
    Facebook Twitter LinkedIn Email Copy Link

    The thought of buying a house can be super exciting, especially for first-time home buyers. However, when you dive into the market, you discover that it can be a daunting task. The houses available for sale in the United States have an average time of just two weeks to stay on the market, and the average price for which they sell is $350,000. It is important to strike a deal that gives you a lovely home that you cherish without hurting your financial goals. So let us look at some tips that all first-time home buyers should keep in mind.

    1. Credit Report

    Most of us often just look at our credit scores and do not review our credit reports very often. However, the lenders look at it a little too closely for our comfort. So to get a low rate, you should have good payment habits, financial health, and balances. It is recommended to monitor your report frequently and improve it so that you get a good rate.

    2. Compare Rates

    All lenders do not offer the same mortgage rates, and you should always get quotes from three to five of them before finalizing a deal with one of them. Remember to take into consideration all the loan costs, both over time and upfront, such as additional fees and annual percentage rates (APR).

    3. Research the Locality

    Falling in love with a house is not enough reason to make an offer to buy the house. You should research the local amnesties, crime rates, quality of schools, and other things that you think are important for a neighborhood. It is always a good idea to strike up conversations with a few people living in the locality to get a feeling of what the community there is like.

    4. Hire a Real Estate Agent

    The official paperwork can be daunting as well as tricky. Realtors or real estate agents are professionals who have a huge network of related commodities. They can offer you a variety of properties to choose from and keep you from falling into any sharp practices. They are good negotiators as well and can schedule tours for you. Make sure to hire a reputable and experienced service provider.

    5. Get the House Inspected

    Always make sure the contract you sign is conditional to home inspection. A home inspection allows you to discover the intricacies of the property through an expert. Find a good and experienced home inspector and carefully examine the house with them. You might find something out that changes your mind.

    Don’t Forget the Benefits for First-Time Home Buyers!

    Almost every city offers first-time home buyers programs to its residents that entail certain leverages for the first-time home buyers. Some offer a portion of the closing costs, while others assist with the down payment. For more information in this regard and the process of availing of such programs, reach out to your local housing department. If you do not have enough savings to make a big down payment for buying a house and need or want to buy a house anyway, you can look into programs, such as VA loans, USDA, or FHA, that have minimal or zero down payments.

    buying a house featured first-time home buyers
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Riley Brown

    Riley is a finance, lifestyle, and entertainment writer living in San Diego. He received his bachelor's degree in Journalism and Multimedia from the University of Oregon. His work has been featured in many finance and lifestyle publications throughout the US. When he is not writing, Riley enjoys reading and hanging out at the beach with his dog, Miles.

    Related Posts

    5 Popular Restaurant Chains That Filed Bankruptcy in 2024

    October 3, 2024

    Two of Trump’s Loudest Supporters Come to Blows, Igniting MAGA Civil War

    September 13, 2024

    Abuse of Power? Gov. DeSantis Sued by Florida Lawyer Over His Stance on Controversial Amendment

    September 13, 2024

    Comments are closed.

    Trending

    Walmart Lawsuit Results in the Retailer Paying $35 Million to Former Employee it Accused of Fraud

    November 27, 2024

    Advance Auto Parts Closes Hundreds of Stores and Lays Off Staff to Avoid Bankruptcy

    November 27, 2024

    Rare Comic Books That are Extremely Valuable Today

    November 26, 2024

    Which Family Dollar Stores are Closing?

    November 26, 2024
    Savvy Dime Makes You Savvy

    Savvy Dime provides personal business and financial analysis on the topics around the world impacting your wallet and marketplace.

    We are dedicated to delivering engaging and accurate news content that keeps you informed and equips you with the information you need to make practical personal financial decisions and grow your wealth.

    savvy dime logo
    Facebook X (Twitter) Instagram
    • Home
    • About Us
    • Contact Us
    • Privacy Policy
    • Editorial Standards
    • Terms of Use
    © 2025 Savvy Dime and Decido.

    Type above and press Enter to search. Press Esc to cancel.