Is it time for you to buy your first home? There is a lot to consider. Surprisingly, the average age of first time home buyers has not changed much over the past decade. It fluctuates around 30 to 32 years old. Here are some of the basic steps to get you ready.
Pre-approval: Buying a house is a big step. It means a lot. It’s also one of the most expensive things the average person purchases in a lifetime. It’s important to make sure you’re prepared. Pre-approval will give you a good estimation of what size of a mortgage loan you can qualify for and afford.
One Step at a Time:
- Credit Check: This will be a factor in the pre-approval process. There are resources to learn about and check your credit score.
- Select a Mortgage Lender: Usually your real estate agent will work with their lender. This can help speed up the process when the agent and lender are on the same page.
- What type of home you want: There are certainly lots of things to consider; price, location, size, style, neighborhood, and school districts just to name a few.
- Select a Real Estate Agent: Unless you are an experienced real estate investor, it’s important to team up with a real estate agent to help you through the entire buying process.
- Make and Offer: The instructions for making an offer on a home is determined by the local area.
- Inspection: Home inspections are typically done before the closing. It is always suggested to do a full home inspection.
- Closing/Settlement: This is the finish line. Remember to ask questions all along the way.