Real Estate News

First Time Homebuyer Guide

It may seem like it's difficult to figure out where to start or when to start. Personally, we LOVE to hear from people who are months away from a move, and even years! We offer free advice, information and support to help get you started, as well as introducing you to our network of professionals who can help with financing, legal and other sectors that you will need during your real estate transaction. Just reach out at any step of the process by emailing us at contact@rinomato.com.

Although the real estate market was sent reeling for a moment under the weight of the pandemic, it didn’t take long for the industry to adapt to a “new normal.”

Buying your first home brings with it a plethora of emotions, from excitement to apprehension. Once you understand the process, and realize that there are specific steps to take, it becomes a lot less anxiety-filled and much more exciting.

Let’s take a look at the baby steps that will take you from deciding to purchase a home to the closing table with the least amount of hassle.

How is Your Credit?

Figuring out where you stand financially and applying for a mortgage are the first steps on the road to home ownership. First, think about your credit. If you haven’t checked it in awhile, it’s a good idea to get your reports from the three major credit reporting agencies.

Go over the reports first to look for errors. Take the time to fix any errors before applying for a mortgage.

How are Your Finances?

Knowing where you stand financially is vital to knowing how much you can comfortably spend on house payments every month.

So, step number two involves sitting down with all your bills and determining how much money you bring in and how much goes out every month.

You’ll also need some money set aside for the down payment and closing costs. Some sellers can be persuaded to help with closing costs but it’s not a guarantee you’ll find one, so make sure you have from 2 to 4 percent of the purchase price for closing costs.

Shopping for a Home Loan

Finding a lender willing to lend you the money for a home puts you in a strong negotiating position with home sellers. The lender will let you know how much of a loan you’ll get, at what rate and supply you with a letter of pre-approval.

Shopping for lenders is important so that you can compare rates and terms. And don’t be mislead by the stated loan rate if you’re shopping online. Compare the annual percentage rates (APR) and the fees of each lender.

Lenders will supply you with a loan estimate in a format that is easy to compare with the estimates of other lenders.

NOW you can go home shopping!

Just as soon as you compile your wish list, that is. Write down everything you want in your new home. Of course, you most likely won’t get it all, but it’s important to get clear on what you want.

Go over the list and remove anything you feel is just too unrealistic for your situation. Then, rearrange the list so that the three most important items are at the top.

These three items are your priorities and you should share them with your agent. This way, you’re only shown homes that fit your criteria, saving both your time and ours.

Next, choose a neighborhood. If you’re new to the area we are happy to help you with this step. We have extensive knowledge of all of our local communities, including schools, parks and other amenities.

When you have several neighborhoods in mind, we can go shopping for your new home!

Don't forget, we provide a one-stop shop environment for you no matter where you are in your journey. Reach out at contact@rinomato.com to get our help. Hope to hear from you soon!

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