3 Tips to Help First-Time Home Buyers in Georgia
Buying a home is a big deal. Buying a home for the first time is an even bigger deal!
As a leading Georgia mortgage lender, I work with many people who are looking to buy a home, including those who have never done so before. When diving into something that you do not have a lot of previous experience with, it can be intimidating at first. That being said, it doesn’t have to be!
To help you transition into becoming a first-time homeowner, here are three tips that will surely help you get off to a great start.
1. Halt new credit
One thing that not many clients know is that each time someone runs a hard inquiry on your credit score, your score could take a temporary hit. For example, if you’re trying to get approved for a loan for a new car, open a new credit card or taking out a loan in general, each time your score is run it may decrease for a short time.
So, if you know you’re planning on applying for a mortgage in order to secure your new home, try to stay away from any new credit.
2. Know your affordability limit
Before you even begin looking for a house you need to know how much you can afford. This is where a mortgage professional like myself can help you. Using one of our mortgage calculators can help give you an idea of how much you and your family can afford on a home, and the expertise of a mortgage professional can determine an exact amount.
However, only you likely truly know your everyday expenses and what you are going to be comfortable paying. Know your limits and stick to it!
3. Saving for down payments: the earlier, the better
The earlier you begin to set aside money for a down payment on a home, the less you may have to spend in the long run.
Lenders typically ask for 20% on a home down payment, but there are some alternatives available that require much smaller amounts. The catch with this is that you may have to pay more money in interest in the long-run than you would if you put 20% down right from the start. After all, the quicker you can pay off your mortgage, the less you’ll pay overall!
Buying a home is a big step in a person’s life, and you shouldn’t have to go through the process with questions. Whether it’s a question about mortgage rates, how much you can afford, or another home-related concern, I am always available to chat!
If you’re in the area and are serious about buying a home, contact a top Georgia mortgage lender like me to gain an advantage and learn more about your money!