Buying a home for the first time can be a bit overwhelming to say the least. It’s a big decision and people want to know they are making the correct one. We here at Aloha Mortgage Loans have been helping first time buyers for many years now. In fact, they are one of our favorite clients to work with. Why, you might ask? The answer is simple. There’s nothing better than to assist someone in making home ownership become a reality and no one tends to appreciate the assistance more than those buying for the first time.
If you are considering making this first purchase then contact us anytime. We would be happy to explain the loan process for you in greater detail. Here are some things to consider when buying a home and what you can do to prepare. Best of luck with your property search and we hope to hear from you!
1. Get pre-qualified with a lender. It will help you understand what amount you can afford, the monthly payments, and will put you in a better position when it comes time to make an offer.
2. Contact a Realtor for assistance. When buying a home the services of a real estate agent should not come at any cost to you. The seller pays commission for both the listing agent and the buyer agent. Realtors have access to the MLS and can help find the right properties fitting your search criteria.
3. Talk to your tax accountant about the advantages of home ownership versus renting. This step is very important to gain a better understanding of what you can write off each year when you go to file income taxes.
4. Review your current rental contract and see when it expires. You can also talk with your landlord about the process of giving proper notice to move. This will be an important step down the road once you have found a property suitable to fit your needs and have an accepted offer.
5. Discuss your interest in owning a home with family and friends. Ask them questions about the pro’s and con’s of home ownership.
Here are a couple of links containing valuable information.
Take a few minutes to read up on answers to Common Questions from First-time Homebuyers.
Have a look at this Buy vs. Rent Comparison Chart for some quick advantages and considerations.