10 Steps for First-Time Homebuyers

Before you even start looking at homes, your first step should be to thoroughly review your overall financial health. It’s not worth even considering becoming a first time home buyer unless you have enough saved up to cover several months’ worth of living expenses. You should also research the benefits and tax breaks that exist to help first-time home buyers. Your next step is to meet with a lender or mortgage broker in order to secure financing, since generally sellers will disregard any offer which is not accompanied by pre-approved financing.

Key Takeaways:

• If you are considering buying your first home, take an honest look at your bank accounts and make sure you have an emergency savings set aside in the event you lose your job and have to pay your
• Before shopping for a home, meet with a few lenders to figure out how much you can afford and to pre-qualify you for a mortgage.
• Once you are pre-qualified for a loan, find a commission-based real estate agent to help you schedule showings and guide you through the buying process.

“Before clicking through pages of online listings or falling in love with your dream home, do a serious audit of your finances.”

Read more: https://www.investopedia.com/articles/personal-finance/102414/10-steps-firsttime-home-buyers.asp