You and your partner may have different opinions when buying a home. However, if you both work together, you can figure out what you want and how much you can spend on your dream home.
The following tips will help you simplify the process so that you can have a fun-filled experience while buying your first house.
1. Determine Your Budget
Purchasing your first house together is a big financial commitment. You’ll need to do a serious audit of your finances and set a budget you both feel comfortable with. Assess your credit report and scores to see where you stand. These days, lenders generally prefer to limit housing loans to about 30% of the borrower’s monthly gross income.
2. Consider Your Financing Options
Many first-time homebuyers programs offer down payment as low as 3% to 5% instead of the standard 20%. A mortgage broker can get you the best rates as well as a pre-approval letter for the loan amount. It will help you get the loan amount quickly once you find the home you’d like to buy.
3. Find a Good Real Estate Agent
Once you’re clear about your finance, you can start looking for a home to meet your needs and budget. You can also hire a real estate agent who can help you find the best deals for the house you need.
4. Have the Home Inspected
Before buying your first house together, get a professional home inspector to thoroughly inspect the quality, safety, and the overall condition of the home. It will save you the cost of expensive repairs.
5. Close on Your Deal
Once the offer for your new home is accepted, visit an escrow company. An escrow agent will ensure all the money and documentation needed for closing the deal is submitted and complete. Once you’ve signed the papers, you’re officially a new homeowner!
These are some important things to keep in mind when buying your first house as a couple. For assistance with purchasing a home in the Hermosa Beach area, contact the experts at Brighton Escrow today. We are ready to offer you the exceptional escrow service you need.
