First Time Home Buying To Do List

First time home buying can be challenging. When you deal with experienced real estate agents like at The Elias Group, we want to make sure you are prepared and glad to hand hold you through the process of purchasing a home.

Determine Your Priorities

Create a list of factors that are important to you. For example number of bedrooms, master bedroom on the first floor, schools or ease to work commute may all play a role in the decision of purchasing a home.

Be Realistic with Your Budget

Request a current credit report to help you determine what you can afford.

• Determine a realistic downpayment. Ideally if you can put down 20% of the purchase price can help you avoid paying private mortgage insurance.
• Set aside a slush fund for emergencies should you need to spend on minor repairs.
• Gather all paystubs and past taxes in order to qualify for a mortgage

Research Mortgage Rates and Shop

• Inquire with various lenders from your local bank to even a credit union to see what rates are opened to you based on your financial situation.
• Request lenders to help you determine if you are pre-qualified for a loan amount. This will save you any unnecessary frustration of what you can afford.
• Keep a binder with all the necessary supporting documentation such as pre-approval letters and tax returns.

Back to How We Can Help You