How to Buy Your First Home [2021 Guide]
Did you know that 5.64 million homes were sold last year? A large percentage of these sales went to first-time home buyers. More people are looking to purchase their first house than ever before.
If you’re ready to buy your first home, then you might be wondering what exactly the process entails. If you are, then you’re in the right place.
In this article, we’ll give you a crash course in what to expect from the process. That way you can begin looking for the house of your dreams. Let’s get started!
Find a Home
First things first, you need to find a home that you want to buy. There are a variety of ways to do this. You can go through a real estate agent. Or, if you want to do it yourself, then you can explore online listings.
Regardless of the method, you choose you should explore the neighborhood and tour the house first. After all, buying a house is a big commitment and you want to be certain that it’s right for you.
Next, it’s time to finance the house. Few people can afford to purchase a property outright, so most likely you will need to get a mortgage. The good news is that there are a variety of lenders that cater to first-time home buyers.
For example, mortgages offered by the Federal Housing Authority (FHA) come with fairly low-interest rates and little to no down payment. Make sure that you explore all your options before selecting the right option.
There are a variety of different financing options available. Large banks, credit unions, local banks, credit banks, and mortgage brokers are just some of your options. Or, you can look for a service like Champion Mortgage that works with a variety of lenders to give you the best deal possible.
Make an Offer and Inspect It
Once you’ve found a house and financing, then it’s time to put an offer down. This is where a real estate agent can come in handy. They can help you decide the right amount to offer, as well as conditions that they should accept.
Once the offer is presented, then the seller will either accept it or provide a counteroffer. You can then accept the counteroffer, or offer another counteroffer. This back-and-forth continues until someone accepts or walks away.
Finally, it’s important to hire a third-party professional to inspect the house. That way, if you find something the seller was hiding, then you can negotiate or rescind your offer.
Want More Content? Keep Exploring
We hope this article helped you learn how to buy your first home. There are a lot more steps in between these major ones. However, in a nutshell, this is what every home buying process will look like.
So, get out there are start looking for your dream home. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading to find more topics that you’re sure to love.