As a first time home buyer, you are likely very nervous, confused, and scared. I want to make it as easy as possible for you by breaking it down to 5 easy steps:
- Review your financial situation with a qualified financial advisor to determine the realistic amount that you could afford in a monthly mortgage.
- Work with your CPA to understand the possible tax benefits you may have by owning a home. This is particularly critical with the new tax law.
- Identify a strong, mortgage broker who can not only give you a qualified preapproval letter but also will provide a secondary perspective on some of the first two items.
- Interview and identify a strong realtor who can advocate on your behalf. Do not merely choose the cheapest or family friend. Realtors have an important role and could impact your ability to find the right home, particularly with this still being a seller’s market.
- Work with your Realtor and the important family members to identify the neighborhoods that would work for you. Once you have all these players in place, you can locate the home, make an offer, and get in the home of your dreams.
After you are in escrow, the last piece of advice I would provide is that you ensure you obtain proper home inspections before you close on the property. I’m here to help you through this scary, exciting period. I’m Karen, your Mortgage Genie, helping you find the home of your dreams.