Home ownership can beat renting! We’ll demonstrate how and help with your first mortgage.
At Lakeside, First-Time Homebuyers who qualify can get up a 0.50% savings on your interest rate for a condo mortgage!
And up to a 0.75% savings if you have less than perfect credit!
Qualifying is Easy:
- You’re a first-time buyer if you haven’t owned property in three years.
- Income of $109,400 or less.
- Multiple borrowers may qualify if one earns less than $109,400
- Single family, condo and 2-4 units qualify.
- This is a 30-year fixed rate mortgage for purchases only.
You may receive even larger savings if your income is below $87,520!!
Lakeside specializes in helping first-time home buyers own their own homes. Email or call me today and let’s get the process started!
The Ultimate Guide for First-Time Homebuyers: Turning Dreams into Reality
Introduction
Buying your first home is an exhilarating journey, but it can also be overwhelming. From searching for the perfect property to navigating the complex paperwork, the process can be full of challenges and surprises. However, fear not! In this comprehensive guide, we will walk you through every step of the homebuying process and provide valuable tips to make your experience as smooth and successful as possible.
Step 1: Assess Your Financial Situation
Before you start browsing listings, take a close look at your finances. Determine your budget, including down payment, closing costs, and monthly mortgage payments. Check your credit score and address any discrepancies. Assessing your financial readiness will give you a clear idea of what you can afford and help you avoid disappointment later.
Step 2: Get Pre-Qualified for a Mortgage
Getting pre-qualified for a mortgage is a crucial step that will strengthen your bargaining position and show sellers that you are a serious buyer. Lakeside can offer you different mortgage options to find the best interest rates and terms that suit your needs. Remember, being pre-qualified doesn't mean you must take out the full loan amount; it's just a maximum limit you're approved for.
Step 3: Make a Wish List
Create a list of features you desire in your future home. Consider factors like location, size, number of bedrooms, amenities, and proximity to schools or workplaces. Having a wish list will help you prioritize your needs and narrow down your search.
Step 4: Work with a Real Estate Agent
Enlisting the services of a reputable real estate agent can make a world of difference. An experienced agent will have invaluable insights into the local market, negotiate on your behalf, and guide you through the entire process. Remember, the seller typically pays the agent's commission, so it won't cost you anything. If you need a referral to a fantastic realtor with expertise in the your neighborhood, please ask us for help!!
Step 5: Research the Market
Become a real estate detective! Research the housing market in your desired area. Look into recent sale prices, property taxes, neighborhood safety, and future development plans. Knowing the market will empower you to make informed decisions and ensure you pay a fair price for your dream home.
Step 6: Visit Properties
With the help of your real estate agent, start visiting properties that align with your wish list. Don't rush this process; take the time to inspect each house carefully. Look beyond the decor and focus on the structural integrity, potential repairs, and overall feel of the property.
Step 7: Negotiate and Make an Offer
When you've found the perfect home, it's time to negotiate. Your real estate agent will help you come up with a reasonable offer based on market research. Be prepared for a counteroffer, and don't hesitate to walk away if the deal doesn't meet your expectations.
Step 8: Conduct a Home Inspection
Before closing the deal, schedule a professional home inspection. This step is essential to identify any hidden issues that may not be apparent during your initial visits. Depending on the results, you may need to renegotiate the price or request repairs.
Step 9: Understand Closing Costs
Closing costs can add up, so it's essential to be prepared. These costs include appraisal fees, title insurance, attorney fees, and more. Your lender or real estate agent should provide a detailed breakdown of these costs ahead of time. Send us a property address, and we can give you a detailed list of closing costs in hours.
Step 10: Plan Your Move
Congratulations, you've reached the finish line! Once the deal is finalized and you've become a proud homeowner, it's time to plan your move. Create a checklist to ensure a smooth transition into your new abode.
Conclusion
Buying your first home is an exciting adventure that requires careful planning and consideration. By following these ten steps, you'll be well-equipped to tackle the homebuying process with confidence. Remember, be patient, trust your instincts, and seek guidance from professionals along the way. Owning your dream home is an achievement worth celebrating, and with proper preparation, you'll soon be turning your homeownership dreams into a reality! Happy house hunting!
