First Time Home Buying Tips, Tricks and To-do’s

First time home buyers will experience a myriad of emotions and questions throughout the home buying process. This is why it is absolutely critical to assemble a team of experts that will support, teach and help position a first-time home buyer for success.

We’ve gathered different experts in the field to share their first-time home buying tips, tricks and to-do’s that will help you prepare for the excitement of purchasing your first home.

This is the most important decision along the home buying process is the right real estate professional or Realtor®. They will be with you every step of the way. Take the time to find the right Realtorz®, this professional will guide you, be your first line of defense and usually your point person for questions. Buying a home is potentially one of the largest investments you will make. You have the right to be picky about who you trust to guide you through the process.

Katia de Orbegoso is a Realtor® with The D+N Team at RE/MAX Edge. She covers her tips, tricks and to-do’s for first-time home buyers.

You have a lot of choices. Here are some things to take into consideration when deciding which Realtor® or real estate professional you want to have along for the home buying experience:

1. What are their professional certifications?
2. Are they knowledgeable about the community you wish to live in?
3. What are their expectations for the purchasing process and the steps to be taken?
4. Do they have a list of references?
5. What are their expectations for communication? Are they going to be available throughout the process and to what degree?
6. Are they accustomed to working with new home buyers?

A good agent will also be able to refer you to additional trusted professionals throughout the process.

In most cases, obtaining mortgage pre-approval is the next step towards home buying success. By working with a mortgage lender, or loan officer, you will understand what the dollar amount is for the home you can afford through the many loan options. Tiffany Brown is a Broker Owner & Loan Originator with Motto Mortgage. Tiffany shares her words of wisdom when preparing for a loan.

In speaking with any first-time home buyer, it is critical that we cover what the components are to qualify for a mortgage (assets, debt to income and credit)  this includes what can be counted in each of these categories, how much can you afford, some myths and realities of mortgage, what to expect in the mortgage process and some top tips for an easy process. This is all done on a personal level and each loan is built to service you.

This process for loan evaluation can be done in tandem with your financial advisor. Working together, this team will help ensure you understand what your pre-approved loan amount is and put together a plan for the down payment.

As with any major purchase, you’ll need to ensure that your financials are in order. Nate Allen Fikse is a Financial Advisor with North Western Mutual. In his words, he shares his advice to any first-time home buyer.

It is important to make sure you know how much you are going to have to put down and also be prepared for a few added expenses and costs. With that being said, makes sure to have that money set aside in a savings account or checking account a few months prior to closing so that there is accessibility and also traceability.  The accounts I would focus on using are cash and or ROTH IRA’s that you have had for more than 5 years (you can use up to $10,000 per person, one time for a home purchase without taxes or penalties if account has been held for more than 5 years.)  If you have to use 401k dollars, I would make sure that you are cleared for a loan by the company and you have a game plan to pay that back.  Make sure you speak to your accountant about any tax implications from using other retirement accounts or any investment accounts.

Now that you’ve started your pre-qualification and have a plan to ensure your financials are in order, you have progressed to the most important step. Start house shopping and find the perfect fit!

Reach out to these professionals today to get started.

Realtor®

Katia de Orbegoso

720.621.0994

[email protected]

Loan Officer

Tiffany Brown

720.484.5428

[email protected]

Financial Advisor

Nate Fikse

719.578.4000

[email protected]