Tide Is Turning For First Time Home Buyers
In 2014, the homeownership rate was at a seven year high due to the fact that renters are tired of throwing their hard earned money away on rent without nothing to show for it. Also, more first time home buyers feel optimistic about their financial situation as the economy continues to improve in every sector. Finally, many first time home buyers have taken the steps necessary to become a homeowner such as fixing up their credit and saving money for a small down payment and closing costs. Many buyers took advantage of the zero down USDA rural and VA programs and they had sellers pay for most or all of the closing costs.
This year there will be a significant increase in first time home buyers entering the real estate market and you need to prepare yourself for the home buying journey. First of all, you need to contact a loan officer and get pre-approved or find out what you need to do to own a home. You must have a pre-approval letter in your hand before you begin your home search. An interesting point is that more first time home buyers are looking for mortgage professionals who can give them the right advice about loan programs and the steps in the home buying process versus choosing a lender based on interest rates and lender costs. A home is the biggest purchase you will make in your life and you need a first time home buyer loan expert to guide you through the complex loan process.
Second, you must get a real estate agent to assist you in finding the right home to meet your needs. A Realtor will give you all the pros and cons of the homes so you can make the right decision and negotiate the best deal on the home you are interested in.
Finally, give yourself plenty of time and don’t rush yourself when buying a home and you should contact a loan officer early in the process so you don’t feel overwhelmed. Recently, one couple told me they were so excited about buying their first home a year ago they put a contract in on a home and applied for a mortgage without doing any research on the process and ultimately they became so stressed out when the lender made numerous requests for documents and information that they backed out of the deal. They didn’t think about purchasing a home again until a few months ago and they read my book ‘Ultimate First Time Home Buyer Guide’ which gave them steps and advice to navigate the home buying maze. I am proud to say they closed on their home last week and they are grateful to be homeowners.
The market is starting to break and you can get pre-approved today by completing a short pre-approval application or calling us now at 847-516-5743 and our team can give you the assistance to become a homeowner.