I know that many people who are looking at buying a home are first time homebuyers. I myself have yet to buy a home, but I do have a huge interest in real estate and a few friends who have bought homes as well. There are many reasons to buy a home right now. One is that prices are very low, so it’s easier to afford a home. Two there are first time buyer mortgages made just for new homebuyers. Three since real estate prices are low, you know that in ten or twenty years your home will be worth more.
There of course are some downsides to buying a home now. One is that you need to have good or great credit. Banks are not lending like they use to. They are lending smart and though this is bad for people looking to buy a home. It is something they have needed to do for a while. How can you get around this? Well, first check your credit and fix it. Then shop around for good rates about 6 months after you have fixed it. Don’t take out other loans, get new credit cards or anything else if your looking to buy a new home.
Also start looking before you intend to buy, just keep in mind that your not buying, but getting an idea of what you like or don’t like. You can also use this time to meet different real estate agents that could help you in your house hunt later on.
Have you recently bought a new home? What tips do you have for first time buyers?