Did you know that 36 percent of millennials are part of the homebuyer pool? If you’re among this group of people, you’re in luck. This article aims to help millennials like you with the complexities of buying your first home.
Tips You Should Know When Buying a Home
- Check Your Credit Score. Before you step foot into a real estate agency, you should first see how you rank in terms of credit. This can be done with the help of a credit bureau. A credit bureau will tell you if you have derogatory marks on your credit report that may hinder you from getting a mortgage loan. They will also inform you how you can work toward having a good credit score.
- Start Saving As Much As Possible. One of the steps toward buying your first home is to save as much as you can. Experts recommend saving twenty percent of your income for your first year as a homebuyer. In fact, it’s best if you can save up to thirty percent of your gross income. This will give you more leeway if the home you find needs any repairs or renovations.
- Find a Good Realtor. It may not be easy to find a realtor who will listen to your needs, but it’s important to find one who can help you through the process and give you the best advice. A good realtor can also help you with the fine details and make it easier for you to go through this process.
- Don’t Fall in Love with a House…Yet. Yes, it’s exciting to go look at houses, but you need to hold off on getting attached to any one home for a little bit. The Louisville housing market is ever-changing, and you don’t want to end up falling in love with a house that you can’t afford. You should always go through the process of doing some research into the housing market of any city, and Louisville is no different. Just like a job hunt, it’s always best to see all the possible options available for you before you commit.
- Find Yourself a Good Lender. If you’re bringing in a down payment of at least twenty percent, you might want to consider getting yourself a mortgage lender. A mortgage lender will ensure you get the best terms for your loan. They are usually more informed about the current mortgage market in your area. Do your best to establish a good rapport with them because you’ll need to consult with them on any questions you might have regarding the loan terms.
- Get a Home Inspection. Of course, you cannot buy a house without getting it inspected first. The inspection will give you a good idea of what you need to fix or repair before moving into your Louisville home. You can also ask your real estate agent for a list of licensed home inspectors in your area. You do not want to buy a home and find a lot of hidden problems too late, as that will end up costing you more in the long run.
We’re Here For You at American Mortgage Solutions
Buying your first home will be fun and exciting, but it’s important to remain level-headed. Take your time and ask the right questions. With these tips, you’ll be well on your way to buying your Louisville home.
Let us finance your dreams of owning your very first home. If you’re in need of a Louisville based mortgage lender, consider coming to us! If you’d like to look for a home elsewhere, we are also proudly licensed in and serve Kentucky, Florida, Indiana, Colorado, and Tennessee. We hope to see you in the neighborhood! Call us at (502) 327-9770 in Louisville and (239) 766-8344 in Cape Coral to schedule your consultation.