How to Prepare for Buying Your First Home

How to Prepare for Buying Your First Home

We know the home buying process can be overwhelming.  

Buying a home is one of the biggest purchases you will ever make, so you will need to make sure you are going into the home buying process 100% prepared. Now; I don’t mean to alarm or scare you, but if this is your first time buying a home, there are a few things you should know before jumping into the process. Don’t worry, Oakwood Escrow is here to help by providing you with 5 Tips on How to Prepare for Buying your first home. 

Talk to a Mortgage Broker/Lender. 

One of the many things most Buyer’s forget to do before starting their home search process is talk to a Mortgage Broker/Lender. The first thing that you should do when preparing to purchase a home is to get pre-qualified by a Mortgage Broker/Lender first. This way you know where you stand financially and how much you can spend on purchasing your home.  

Do NOT make any large purchases 

Just because you are pre-qualified for a mortgage loan does not mean you already have the loan. When your Mortgage Broker/Lender is in the middle of processing your loan, making a large purchase such as buying a car or financing furniture. is not the smartest thing to do because that can affect your credit rating and debt to income ratio.  

Know the area that you want to live in.  

Now that you know how much you can afford to spend on a home, do you know exactly where you want to live? Sometimes figuring out what area or neighborhood you want to live can be the hardest part of the process. It is always good to start with a neighborhood and give yourself about a 10-mile radius to look for homes. This will not only help you, but it will help your Realtor find the best homes for you. 

Find a Realtor to help you with your home buying process 

You know how much you want to spend on a home; you know where you want to live, now let’s find a Real Estate Professional to help you find your dream home. Working with a Realtor is so important, they understand the market; they understand the power of negotiation, and they truly have your best interest at heart. 

Ask Questions. 

Don’t be afraid to ask questions. Real Estate experts are here to assist you during your home buying process. If you think of something or something is on your mind, big or small, just ask. Your Realtor, Lender, and Escrow Officer are here to get all of your questions answered. 

If you need a referral or recommendation for a Mortgage Broker/Lender, Realtor, or just have a question about the escrow process. Email us. 

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Oakwood Escrow aims to make every transaction as simple, secure, and smooth as humanly possible. The easiest way to open an Escrow transaction with us is by using the form below, or contact us at (619) 430-4584.