Home > Blogs > Jeff Discher's Blog
3,146 views

Jeff Discher's Blog

By Jeff Discher | Agent in San Diego, CA
  • Tips For First-Time Home Buyers!

    Posted Under: Home Buying in San Diego, Financing in San Diego, Military Movers in San Diego  |  April 4, 2013 2:42 PM  |  466 views  |  No comments

    Are you ready to buy your first home? If so, read on to ensure you are in the best position possible.

    The real estate market has changed since the time before the real estate boom of 2002-2007. Back then, if you had a heart beat and could sign your loan docs, you could buy a home. Typically, a home that you could not even afford and had no right even buying. Times have changed. Banks have changed and so has the lending industry. Today, banks are wanting extra documentation to prove that you can actually afford the mortgage you are applying for.

    Don’t get discouraged! By preparing and lining your ducks up propertly, you can still live the American Dream of home ownership.

    The first thing I will tell you to do is take a good look at your credit. Go online and print out a copy of your credit so you have a hard copy and can look at exactly what’s on there. Not knowing your credit puts you, as a buyer in a poor position. There could be errors on your credit that you didn’t know were there and could have repaired if you only knew. Try to check your credit every six months before you apply for a home loan so that you may address any issues.

    Second, make sure you have enough savings for a down payments and closing costs. As a traditional buyer, youneed as much as 20% down plus closing costs of 2-3% to buy a home. Don’t be alarmed, there are FHA loans with 3.5% down and VA ( military loans)loans with $0 down.

    Make sure you are working with an experienced team of real estate professionals. This kind of purchase requires lots of information, education, and knowledge. Having a team of industry professionals to guide you through the first-time home-buying experience will make the process so much easier. Call Me, Jeff Discher, with any questions at anytime.

    Another helpful tool is to make a budget of what you are spending on a daily, weekly and monthly basis. This will help you determine and see where your money is going. From your coffee’s and lunch’s to your cable bills and nights out with your friends. By managing your budget, you can start cutting back on certain items you don’t need and putting that money into a “down payment” fund for your new home.

    Start thinking of the specifics of what you want in a home. Size, area, schools, yard, parking, bedrooms, baths, etc. Paint a picture in your head of your perfect home so when youstart to look, you know what you want. Just remember, when you start looking, try to pick out the top 3 things you want in a home and focus on them. It is very rare that you find everything you want in a home without doing some of the things yourself.

    Buying a home is like looking for the right relationship. It can be exciting at first, frustrating at times, and so comforting once you’ve finally found the right one. Happy house hunting!

 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer