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Q&A: Buying a home for first time buyers
If you are a first time home buyer, you may have questions about the current real estate market. You may have questions such as:
Is now a good time to buy a home for first time buyers?
Yes – NOW is the best time we have had in the past 2 years to buy a home for first time buyers as well as repeat buyers. Today there are more home choices, and prices are stabilizing. Both of these things are good news for people wanting to buy a home.
I am concerned about high interest rates for mortgages – do I have any options?
Yes – When you are buying a home, the mortgage interest rate is always something to consider. You have a few options to help reduce the interest rate you may qualify for. First, you could increase your down payment if you have the funds available. Additionally, you could work to improve your credit score. However, both of those options could take quite a bit of time. If you are ready to buy a home sooner, you also have the ability to “buy down” your interest rates. Keep in mind that you will also have the ability to refinance your mortgage in the future if rates become more favorable.
Are there any options to buy a home with no money down?
Yes – there are 2 ways to buy a home with little or no money down. If you or your spouse is a veteran you likely qualify for a VA Loan. These loans are available with a zero down payment. You may also qualify for a VA Loan if you are a surviving spouse of a veteran. You should talk to a mortgage provider such as Chris Moore at Benchmark Mortgage to see if you qualify.
Additionally, if you want to buy a home in a smaller town, your property could qualify for a USDA Rural Development loan. The USDA Mortgage Loan is a zero down payment program for properties that are located in qualifying areas.
Is buying a new home a good idea for first time buyers?
Yes – Now that the real estate market has shifted home builders are more motivated to sell their inventory of homes. Make sure to hire a real estate agent to assist you in working with the builders. They could help you save thousands of dollars on the sales price or the closing costs, especially when you work with the builder’s lender or title company.
Should I get a home inspection when buying a home?
Yes – It’s a great idea to get a general home inspection done while you are under contract to buy the house. This helps you have a clear idea of what condition the home is in. We recommend home inspections for not only resale homes, but also new construction homes. The third party home inspector is there to look out for your best interests.
Should I hire a real estate agent to help me buy a home as a first time buyer?
Yes – in fact, you don’t just want any real estate agent, you need a REALTOR. Make sure your agent is a member of the National Association of REALTORS because they are held to a higher standard. Their fiduciary duty is to look out for your best interest as a home buyer. Make sure to meet with your REALTOR and complete the appropriate “representation” contract/agreement so that you know your rights and responsibilities, as well as a clear understanding of what your REALTOR will do for you.
I hope that this Q&A about buying a home for first time buyers is helpful to you. If you are moving to North Texas, our Team would be happy to help answer any other questions you have. Whether you are moving now or next year, give us a call
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