Tips for First Time Home Buyers

Buying your first home can be stressful but exciting too. Having the right agent on your side throughout the process can help facilitate the deal easier as is having some of your own issues taken care of. Here are some tips and useful information for all first time home buyers.

Know your finances

Before you even look at one house or sit down with a lender go over all your finances and make sure you know your financial situation. Order a copy of your credit report and correct any errors or mistakes and clear up any issues a lender may see.

Get a buyers agent when you are ready to buy

This is vital to a successful home sale. You can go it alone or use a listing agent but you may end up spending thousands more than you have to. Buyers agents cost the buyer nothing! It really makes no sense not to use one. A buyers agent specifically looks out for the buyer only, during the transaction. The seller of any particular house is not who takes priority. Whichever home you choose the seller of that home pays the buyers agent as well as the listing agent. The buyers agent is truly out to make sure you get the right home at the best price.

Have some funds set aside

You can still buy a house with little to nothing down but it's more stressful that way. Having some funds set aside for things such as inspection costs, earnest money deposit and closing costs make the entire process much more stress free. Inspection costs typically come out of pocket and earnest money can be 1-3% of the purchase price of the home.

Get Homeowners Insurance

Since this is the first time you have purchased real estate you will need to obtain home owners insurance. If you have had renter's insurance in the past you can obtain quotes through the same company or get new quotes, but make sure it's set up before closing.

Don't sign anything you don't understand

This includes the offer right through to closing. If you come across something you didn't agree to, don't understand or just don't believe in, ask. If your agent, escrow or loan officer can't answer them, consider going elsewhere.

With these tips you can start off your home buying process much more knowledgeable than before. Get started with a call to Real Estate's Best Stop. We can help get you a buyer's agent and Kentucky mortgage that fits your lifestyle.

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