For first time Queen Creek homebuyers, this is an exciting time! You’ve saved for a down payment and now you’re ready to make your first home purchase.
Congratulations, first time homebuyers!
There’s a lot to do so before you buy the mansion of your dreams that you can’t afford, let’s consider the following:
- Find the Right Real Estate Agent. Sounds a bit self-serving but it’s not. I want you to work with a real estate agent that is going to best serve you and your needs. That may or may not be me and that’s okay. Don’t be afraid to ask questions. Just because Aunt Sally worked with me for her condo purchase, doesn’t mean you have to work with me.
- Check Your Credit. You can pull your credit reports for free once a year from each of the three credit reporting agencies. I recommend pulling one report from annualcreditreport.com every few months in the year before you plan to buy. Monitor your credit monthly using creditkarma.com – it’s free. If there are discrepancies, get them fixed before we get you pre-qualified for a loan.
- Mortgage Pre-Qualification. Understanding how much you have for a down payment is as important as how much you can spend for the purchase. Working together, we will get you pre-qualified for a mortgage.
- Establish the right credit. If you’re building (or rebuilding) credit to purchase a home, consider the credit builder account at BMO Harris Bank. It is a CD that you make payments on and the bank reports the payments to credit agencies. At the end of the payments, the money plus interest is yours. You’re boosting your credit while creating savings for yourself.
- Set Realistic Goals. I don’t want you to be in harm’s way financially because you’ve purchased a home you can’t afford. On your first home purchase, you will more than likely get some of the features you want in a home while others will have to wait for your next home. It’s better to be able to afford your payments than be drowning in debt in your dream home.
- Location. Whether you’re a first time or seasoned home buyer, it is important to think about where you spend your time. Where do you work? Where do your family and friends live or spend time? Don’t pick a home in South Scottsdale because it’s a cool neighborhood if you spend all your time in the West Valley. It might seem like a good idea today, but the commute will begin to wear on you eventually.
Your first home purchase is a big investment in your future.
We’d love to talk to first time Queen Creek homebuyers to see if we’re a good fit for your purchase. Call 480-570-1912 to schedule an appointment.