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In our last blog post, we talked about some ways that you can be a savvy first time home buyer! When you’re entering the housing market for the first time, it is easy to be overwhelmed and not know what to do or where to start. The key to having a great first time home buying experience, is to get educated and feel confident as you search for homes. Here are a few more tips that we have for first time home buyers.

Lock in your rate

 

Rates have been climbing lately, and they don’t show any signs of stopping. If you’re working with one of our mortgage brokers, you’re in good hands. Otherwise, there are a few things you’ll need to know about! There’s a difference between a rate lock and a rate quote. Make sure you know which one you have. Make sure that your rate lock is in writing! This keeps you from having to pay more than you were expecting on your monthly payments.

 

Bargain

 

You, as a home buyer, have the negotiating power. So don’t be afraid to yield it! You should ensure that you tread lightly, as being rude won’t get you what you want. Don’t lowball with your offer, as you want the seller to know that you’re serious. Know when to walk away, and know when to accept the price that is offered to you.

 

Find a reputable home inspector

 

Once your offer has been accepted, you’ll have to hire a home inspector to come and make sure that the home is in good condition and safe to live in before you’re able to move forward. Make sure that you find a reputable one! Your realtor may have a recommendation, but you can also always ask friends in the area who they used and trusted. Always ask for credentials when hiring a home inspector.

 

Don’t accrue other debt

 

While you’re in the process of buying a home, you want to try to fly under the radar. Big purchases or life changes can mess with your credit score and your chances at your approval and offer going through. Don’t make large purchases, close any credit accounts, apply for new credit cards, or move your money around in a suspicious manner. Once everything has settled, you won’t have to be so careful, and can resume spending money the way you were before(as long as you leave enough to make your mortgage payment!).