Tips For First-Time Buyers Getting A Mortgage

by Sheida Rezazadeh 01/05/2020

If you’re buying a home for the first time, you have a lot to learn. There are so many decisions that need to be made and new terms to be understood. While you may have been saving up for a downpayment, you’re most likely going to need t finance the majority of the cost of your home. Knowing how to deal with lenders, real estate agents, and other professionals involved in the process of purchasing a home will make your life that much more straightforward. Read on for some mortgage tips that every first-time home buyer should understand.


Know Your Budget


You may find when you apply for a mortgage that you’re able to finance more than you thought you could. Being able to borrow such a significant amount is where many home buyers get caught in a numbers trap. Although the bank may be willing to loan you a certain amount, you might not actually be able to afford it. While the bank looks at many of your financial numbers, the bank doesn’t know your entire budget. How much you spend on groceries each month or the cost of your monthly phone bill are out of the picture when the mortgage company approves you for a loan. Whatever amount of money you borrow to buy your house will result in a monthly payment amount. If you’re only paying $800 per month in rent but your mortgage payment will be $1400, that will result in a significant budget adjustment. Will you be able to come up with the additional $600 each month to pay the mortgage? You need to look at your entire budget seriously to be safe in your mortgage transaction. 


Plan For Out Of Pocket Expenses


You know that you need to save for a downpayment on the home of your dreams. What you may not know is that there are many other out of pocket expenses that you need to foot the bill for when you buy a home. These costs include:


Inspection

Legal fees

Insurance

Pizza for the people who help you move

Repairs to the home

Utility costs


There are so many expenses that you need to come up with when you buy a home. Don’t merely save enough for your down payment and stop. Make sure you have a financial cushion for emergencies, money to help furnish the house, and more. 


Mind Your Credit


When you buy a new home, it may be tempting to buy new furniture, decor, or other items for your property. Hold off on opening any new credit or making large purchases. While a new car will look great in your new driveway, it won’t look so good on your credit score. Be very mindful of your credit score when you are getting ready to buy a home.  


About the Author
Author

Sheida Rezazadeh

I find it very satisfying to be able to help my clients achieve their dreams through Real Estate. I have over 20 years experience in the Real Estate Industry. I began my career with my own investment in and management of multiple properties.

I use my insight into the Real Estate industry and my vast negotiation skills to provide my clients with exceptional service. I am able to use first hand knowledge, acquired by my years of experience, to guide my clients through the process of buying or selling their properties. Whether it be Residential, Luxury, Multi-Unit, or Commercial Real Estate, I possess the Real Estate acumen to secure top dollar for my sellers and the best properties at the best possible price for my buyers!

As a mother and wife I know the importance of creating the sanctuary of a home, as well as, the security that investing in Real Estate can bring to you and your family.

I understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. That’s why our team of highly-seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients. We take great pride in the relationships we build and always work relentlessly on the client’s behalf to help them achieve their real estate goals.

Our team of experts represents the best and brightest in the industry, and we’re always striving to lead the field in research, innovation, and consumer education. Today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With our extensive knowledge and commitment to providing only the best and most timely information to our clients, we are your go-to source for real estate industry insight and advice.

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Our philosophy is simple: clients come first. We pledge to be in constant communication with our clients, keeping them fully informed throughout the entire buying or selling process. We believe that if you’re not left with an amazing experience, we haven’t done our job. We don’t measure success through achievements or awards, but through the satisfaction of our clients.

Certifications:

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