Listen Up First Time Buyers-Dos and Don'ts
First time buyers usually have a lot to learn. You need to build an understanding of the market, determine what you can afford, get a loan and pick a property. This transaction will probably be your largest asset ever, so there is not much room for error. It may seem like an overwhelming task, but you can lessen concerns by following these suggestions: Do search for housing information, the more information you have the better. Look to well known real estate information websites and companies.
Do know your credit score, correct any errors and adjust any credit behaviors that are less than stellar. Take these steps before starting the loan process. Your credit report can be obtained free from www.annualcreditreport.com, the federally regulated place to go.
Do get a mortgage pre-approval, this will put you in a good negotiation state and keep you within your budget.
Do pick your dream team of professionals, a real estate agent, mortgage broker, attorney, home inspectors, etc.
Do buy a home appropriate for you and your lifestyle. Try to anticipate how low you will live there and if it will work for you.
Do separate your wants from your needs, again this will help you stay on budget.
Don't be too set in your ways, keep an open mind and spend time finding the right home for you.
Don't purchase more than you can actually afford, even if a lender will loan you the money. Keep in mind you will have a down payment, closing costs, monthly expenses and taxes on top of your mortgage.
Don't think of your home like a stock portfolio; don't expect its value to double immediately. You're buying a home to provide a roof over your head first, and not for a quick profit.
Don't try to “time” the market. Although it may work sometimes, keep in mind and focus on your lifestyle needs, not the market trends, for when to buy your home.
Don't sign any confusing mortgages. Shop around to get the best loan, read all details and get help if needed to understand anything that confuses you.
Water in our Veins–Meet Lake James Real Estate
Please call us if we can help with any of your real estate needs at Lake James – who better to help you than people who live, play and work here!
Polly Leadbetter – Owner/Broker P/ 828-584-9999 C/ 828-443-5407
Shane Cook – Sales P/828-584-9999 C/828-443-3205
Rhonda Edge – Sales P/828-584-9999 C/828-443-6595
Amanda Hotchkiss – Sales P/ 828-584-9999 C/ 828-335-3001
Marc Parham – Sales P/828-584-9999 C/828-443-1337
Denice Rechtiene – Sales P/828-584-9999 C/828-432-6976
