It's a new year, and you're ready to make some changes. If one of these changes involves checking out Kew Gardens homes for sale, welcome to the party! Let's ring in 2021 with a few top tips for first-time home buyers.
Get preapproved for a home loan before you start shopping.
A preapproval letter tells you how much money you can borrow to purchase a home. It's based on your income, credit score and other financial factors.
It's so tempting to start looking at Kew Gardens homes for sale without this document in hand. Don't skip this step. A preapproval letter shows sellers that you are a serious player in the real estate game, and it also gives you a budget to work with.
Keep your credit in the clear.
If you're planning to buy a house, it's not a good time to open a new credit card or make any other major purchases. Pay your bills on time and be a financial role model until the keys to your new home are in your hand. In fact, this is good advice to follow for life!
Have your down payment ready to go.
Depending on the type of loan you qualify for, your required down payment could be as little as 0% or as much as 20%. Talk to a real estate agent and a mortgage lender before you start your house hunt to determine your best course of action.
Factor closing costs into your home purchase.
Closing costs include attorney, appraisal, inspection, escrow and title insurance fees. They usually amount to up to 5% of the loan amount. You might be able to ask the seller to cover your closing costs as a part of the deal. Your real estate agent will tell you if this is a smart plan.
These tips merely scratch the surface of what a first-time buyer needs to know. If you are checking out Kew Gardens homes for sale for the first time, get in touch with Kew Gardens Realty to discuss your options and experience real estate success!