It is an exciting time when you and your spouse decide it is time to purchase your first home and start a family for most. Before you start your search there are many things to know and understand before you start, some which you may already know.
There are many first time home buyers that wait for the "right market", but that should be avoided. Some areas such as Southern California, New York and Miami very seldom change, There are other areas or markets that may" cool" but you should not base your decision on it. Interest rates are at all time lows so if something comes up you like, get it.
You can find many free or low cost resources on the internet. In just one search engine you can find buying guides, checklists, and many online tools to help you determine interest rates, home values, and many others. Watch out for free property evaluation websites, these are usually real estate agency trying to fish for clients. Make sure there are no 'strings' attached. Through the internet you can check out and take advantage of first time buyer programs, and even get into one if you want.
Unfortunately many first time buyers believe they are going to get their "dream home" right off but that is not usually the case. You need to make a realistic budget, especially if you do not have a lot of time or money.
In order to see what you can afford, go to a lender and get pre-approved, which means they will calculate you income to debt ratio, see how good your credit is, and how long you have been on the job. From this they can give you a good idea of what kind of mortgage you can realistically afford.
Once that is done, sit back and make a wish list. This can be things you absolutely need to have. This could be a yard for future children, how many bedrooms and bathrooms or even perhaps alternative energy possibilities. Remember to stick to your list so you don't get side tracked or let emotions interfere with reality.
There are many programs which offer you great incentives for completing their program. They range from putting caps on fees real estate agents charge, different forms of financial assistance or sometimes interest rates at a lower percentage. They also have wonderful ways to assist their graduates for unexpected hardships such as deferring payments or loan forgiveness, in rare cases.
Another bit of advice for first time home buyers is to check with local agencies, for example, Housing and Financial Association. They have programs for first time buyers but since each state and community is different you can check out what is in your area. Don't forget the internet also has good information for your use.
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