Top 3 Things New Home Buyers Need to Know Before Buying

The property market can be a daunting obstacle to tackle, especially for first time buyers. Assessing the market and keeping costs down takes time and research. So how can you get a head start and make the buying process as painless as possible? Tap into some professional expertise. Housing counseling is a growing trend and you can get it for free. Non-profits like the National Foundation for Credit Counseling can help you navigate your credit rating and the mortgage system. They can also help you factor in property taxes and home insurance to your budget. Get pre-approved before you start looking at homes so you know exactly what you can afford. This means going through formal underwriting that takes your credit score and assets into account. It will save you time and a lot of hassle with sellers. Look at a couple of different mortgages before committing. The typical U.S. homeowner moves every seven years so an adjustable rate mortgage might make more sense than one with fixed rates. Your needs may be very different in five to ten years so try and keep some flexibility built into your mortgage. So be a savvy shopper and get your accounts in order. Being able to show consistency in your job, income and credit rating is key to getting the best deals and securing your dream property.