First Time Home Buyer
Being a first time home buyer is intimidating and a big life experience. First time home buyers often don’t know where to begin. Our goal is to match you up with an agent on our team that will walk you through every step of the process answering ANY and ALL questions you may have.
What First Time Home Buyers Need to Know
One of the best ways to make the home buying process flow easier is to become better-acquainted with your options and clearly define your goals.
- Setting a Time Frame – the typical home search takes three to five months, including the mortgage process, comparing properties, making the offer and starting the closing process. The loan process typically takes 45 days.
- Understanding the Reasons You Want to Buy—and what you want to accomplish in buying your first home — will go a long way towards shaping your plans and improving your results.
- The Lending Process – possibly one of the most intimidating aspects of buying a home is the mortgage approval process. Our team will be here to help guide you through this and help you understand how to prepare early to make the process even smoother. A great way to start is to pay off small credit card balances. Start putting together documents you might need such as W2 forms, income tax returns, pay stubs, bank statements, and any records of child support or alimony.
- Determining How Much You Can Afford – A good general place to start is to consider that most buyers purchase a home that costs about one and a half to two and a half times their current annual income. For example, someone earning $50,000/year might purchase a home for $75,000 – $125,000. Mortgage payments should be about 26%-28% of your gross monthly income.
- Finding a Home That Meets Your Needs & Wants – before you really start looking, jot down a list of some “must-have” features as well as some “would-like” features. Must-have features would include things like the number of bedrooms and bathrooms, general location, school zones, etc. The more you can let your Realtor® know about your wants/needs, the easier it will be for them to help find the perfect property for you.
Buying a home is a big decision—and a very personal one. To feel confident and prepared, you need the right tools. For more information about buying your first home in Knox County, Loudon County, Sevier County, Blount County or Anderson County, contact Billy Houston Group or fill out the information request form below.