The home buying process is exciting and overwhelming all at the same time. As a first-time homebuyer, you probably have the perfect home pictured in your mind and you’re ready to go out and find it. Before you do, there are a few things you should keep in mind.
Get preapproved for your loan before you go out and look at homes. Getting pre-approved will allow you to know how much home you can buy and what you really can afford. That leads to the next tip which is, do not buy more home than you can afford. Just because you may have been approved for a $200,000 home does not mean that you can afford the monthly payments later. Be realistic.
Also, prepare yourself for your offers to be rejected. There are sometimes that your offer will not be accepted right away, and you should mentally prepare yourself for that possibility. Once your offer has been accepted, be sure to not open any new lines of credit or make any major purchases as this can change your ability to get the home.