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Strategies For First-Time Homebuyers

January 30, 2021
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The market for homes in Bonney Lake WA may be competitive, but there’s still room for first-time homebuyers to dive into the home market and come up with a great home. The key is to go in prepared and well informed to claim your own part of the American Dream. These tips may help you snag your perfect first home.

First off, start seriously saving for a down payment if you haven’t already. The more you can put down, the smaller the mortgage you’ll need and the better the rate you’re likely to get, or at least have much smaller monthly payments.

Ultimately, when starting to prepare to purchase a home for the first time, you need to make sure your financials are in order. Check your credit and correct any errors or try to bring it up higher by paying off some credit cards. Also avoid making any big purchases at this point. You want your credit to look as good as possible.

As you’re saving and working on your credit, it’s also important to have a clear idea of just how much you can truly afford. You need to be certain that your monthly mortgage payment is within your comfortable range. In fact, some lenders won’t lend to you if it goes above a certain percentage of your income. Talk to a variety of lenders to get a sense of the different options available and look for special grants and loans that may be available to you. Certainly, when buying a brand new home, especially if you are having the home built from scratch, there are various loan options for both the construction and the mortgage that could save you money in the long run.

Finally, when you’re ready, work with a trusted and experienced real estate agent. Better yet, work with one of our experienced home advisors to help you through the process of buying a brand new home. Rather than fight with buyers over a home that will probably need repairs and upgrades, it’s worthwhile to seriously consider buying a brand new home. Not only is it better financially in the long run, as you don’t have to pay even more for upgrades, repairs, and often unexpected issues, your new home is built to a higher standard of energy efficiency, further saving you money, ideal if you’re a young family starting out and need to get that college fund growing. Plus, a new home comes with a warranty for added peace of mind.

So if you’re seriously considering thinking about purchasing one of the homes in Bonney Lake WA, start saving and getting your financials in order. Pre-approval from a mortgage lender is a big help when you’re actually ready to start potentially making offers. By being prepared and understanding just what you can afford, you may find yourself perfectly placed to purchase one of our brand new homes, giving you the chance to live in a new, comfortable, well-built, beautiful home in a family friendly community. What a perfect way to start homeownership!

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This post was written by Garrette Custom Homes

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