4 First-Time Homebuyer Tips
May 21, 2019
If you’re a first-time homebuyer, you may feel overwhelmed or even intimidated by the hot Austin real estate market. Whisper Valley is hosting a First Time Homebuyers Seminar on Saturday, May 25, from 10 a.m.-Noon and a Lawn Maintenance class with WLE at 1:30 p.m. to help new buyers learn the ropes. Check out a few of our first-time homebuyer tips and don’t forget to register for our free seminar on Saturday.
1) Get Pre-Approved Before You Start House Hunting
Before you start looking at houses, it’s important for first-time homebuyers to have the necessary liquidity for the down payment, as well as to have checked for any potential credit issues and spoken to a mortgage company and obtained a pre-approval letter.
Meet with a lender of your choosing or the lender recommended by your homebuilder that can give you a good idea of what you can afford. Builders will often give buyers a little more incentive to use their preferred lenders since it helps them control the process and make it more seamless for you, the buyer.
2) You Don’t Need 20% Saved for a Down Payment
Another important first-time homebuyer tip: If you’re struggling to save for a down payment, you should know there are many first-time homebuyer programs and government loan programs that can help you get into a new home with a 5 percent-or-less down payment. Check out this list of homebuyer grants to see if you qualify.
3) Be Prepared to Act Quickly
It’s no secret that Austin is a hot real estate market. Houses listed today may not be available for long, so it’s important for homebuyers to be ready to act as quickly as possible when they find a new home in Austin they like. This doesn’t mean you should put an offer on a home without doing all your research, just be prepared to let your real estate agent know if there’s a home you love to avoid missing out.
4) Know Your Budget and Factor in All Housing Expenses
The down payment isn’t the only thing you need to be saving for, and many first-time homebuyers may not factor all of the expenses associated with buying a new home in Austin. In addition to the mortgage, calculate property taxes, mortgage insurance and other expenses including utilities to find a number that you will be comfortable paying each month.
Whisper Valley hopes these first-time homebuyer tips help you embark on the exciting journey of buying a new home. For even more guidance from a real estate expert, we invite you to attend our First Time Homebuyers Seminar on May 25. Register now on our event website.