Tips For First Time Home Buyers
It’s finally the time, you’re ready to go for it and buy your first home! Buying a home can be a stressful, and nervous production. This is only magnified in the eyes of a first-time homebuyer. Tampa Home Talk not only has the answers and tips for first time home buyers, but also continues to help after your home purchase.
Tampa Home Talk currently has a discussion every Friday morning at 9AM on Money Talk AM 1010. Host, Katrina Madewell discusses everything from buying your first home, to plumbing and termite prevention, and always is providing answers to the questions homebuyers ask.
Free Credit Score Report
The first thing you can do when becoming a first time homebuyer is to check your credit. Your credit score is among the most important factors when it comes to tips for first time home buyers. It is a good idea to go and get a free credit score report today, so then you will be able to discuss with your realty team, Tampa Home Talk, about what type and size loan will work best for you.
Listen to Katrina’s Radio Show below about Tips for first time home buyers:
Evaluate Your Assets & Liabilities
Whether you are free of debt, or do not owe much money to anyone, or are completely in debt, knowing how you spend your money, and where you can afford to save a little more is very important when it comes to buying a home.
You should be able to understand where your money is going every month, and what you can afford to put down every month in a confident mortgage payment. As a first time homebuyer, you will want to do everything right to help prevent more unneeded stress. If you do not know how you currently spend your money, begin by tracking your spending for a few months. You can easily do this by keeping receipts or using your phone to track your spending, or set aside multiple envelopes of the same amount of money, and at the end of each month, track how many envelopes you have left compared to what you started with.
Organize Your Documents
Whether you are a first time home buyer, or buying your tenth home, you should always have your income and tax information. Most mortgage lenders, such as NSH Mortgage will request 2 recent past pay stubs, the previous 2 years of W’2s, tax returns, and your past 2 months of bank statements. Some lenders are more flexible than others, but it is always a good idea to have these financial documents prepared.
Qualifying Yourself For Buying A Home
When you are going in to buying a home for the first time, you have a good idea of how much you can afford to pay each month in mortgage.
You then need to realize how much down payment you can afford, and speak with a mortgage lender. From there you can figure out the exact amount of home you can afford with mortgage, insurance, taxes, etc.
There are a lot of tips for first time home buyers. Katrina Madewell and the Tampa Home Talk team have been asked countless questions about this situation, and have the answers. They want to make your experience the best it can be when buying a home.
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Tips For First Time Home Buyers
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