Best First Time Home Buyers Tips

These tips can be followed to kind of clear your mind of a lot of the noise and garbage that a lot of people have likely thrown in. This probably started the first moment everyone heard that you're going to see about buying your first house.

Lenders will offer you "teaser" rates on the radio and in the newspaper, then sucker you in to a much higher rate. Your friends and family will put on display their dense economic and financial ignorance as they tell you to look into balloon loans or wait, wait for housing prices to fall just a LITTLE BIT more.

Important First Time Home Buyers Tips

There are sound first time home buyers tips you can follow to lift yourself above the noise and allow yourself to think clearly.

And when you're going to sign those stack of papers, it is exceedingly important to think clearing. Especially for your financial well-being and future peace of mind.

Know what you qualify for before you actually try to apply. If you are not absolutely certain about your credit rating, what your income qualifies you for, etc, then you should go through a pre-qualification process.

Mortgage Tips #1

You will need a very recent copy of your credit report, documented proof of income (if you are self-employed this can be hard for you to provide and you may have to get a special loan), tax returns for the last two years, and copies of recurring monthly payment statements like electricity, propane, car loans, etc. You will also need to know your credit scores. .

If you rent right now you should have rent payment receipts, too. It's best if you have two years' worth of these, but as long as you show sustained payments over time that should be good. You can also use my mortgage calculators if you want to estimate this yourself.

Keep in mind though, it doesn't cost anything to get pre-qualified and they'll do all the work for you. Note: Don't go with anyone who wants you to pay a fee to get pre-qualified. They may not be interested in you, just in the fee!

Mortgage Tips #2

If you can't qualify for what you want because of your credit history, you probably should wait and do things in the meantime to raise your credit score. This includes paying down or paying off your credit cards, getting caught up on your delinquent bills, and the like.

Note: Many people don't realize that going into credit management can harm your credit in the eyes of lenders. They don't like to see that because it suggests that you can't manage your finances well. So try to do everything on your own if you can.

Mortgage Tips #3

Don't hesitate to buy the house you want when you can qualify. But, if you just don't feel that getting your own home is "urgent" right now there's no problem with waiting. Although the market is really good right now.

This best seller gives you even more suggestions with buying that first home that you may want to read.

Sometimes though lower prices mean more people competing for the same house and lenders raising interest rates to weed out those with weak interest or weak repayment capability. If you fit the weak repayment capability, then it might be a good idea to wait and improve your credit history. It's worth the time so you can get the best price and the best rate.

Mortgage Tips #4

If you don't have at least 20% of the purchase price for the down payment, see about special first time buyer loan programs like FHA. Also check out state or federal grant programs that are designed to help people like you.

Home Buyer Tips

Use a real estate agent that is good with first time home buyers to help you find the right house in an area. He/She gets paid by sellers of homes--not by you.

Use these first time home buyers tips to make your experience a positive and prosperous one.

Are you looking for more advice? Have a Question is a cool forum where you can look for answers. If you can't find what you are looking for, then its also awesome for asking questions too. Go ahead...pick my brain!

Like the idea of FHA. Best FHA Home Loans explains the various FHA products so you can make a decision on which of these loan products fits your needs.

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