Are You A First Time Home Buyers That Is Afraid To Take The First Step To Buying Your First Home?
Are you one of many first time home buyers that would very much like to take the first step to begin the home buying process but is afraid that:
You don’t make enough money.
Your credit scores are too low.
You don’t know where or how to begin.
A 30 year mortgage may not be your best option.
You need 20% cash down payment.
Interest rates are too high.
Home prices are too high.
Don’t have money for down payment.
The buying process is too overwhelming.
You may not be able to find your dream home.
While there are many good reasons to buy a home such as the tax benefits, and wealth building, people often talk themselves out of making one of the best financial decision of their lives, while they continue to pay rent.
While there is nothing wrong with paying rent, if that is your desire, if owning a home is what you truly want, you should take the time to speak with a knowledgeable Realtor to address your concerns and fears.
Here are some quick answers to some of the most common fears listed above:
Depending on the lender, you can buy a home with a credit score as low as 500
The first step you can take is to contact a Realtor that answers his or her phone and will look out for your best interest and not theirs.
No, a 30 mortgage may not be your best option. This will depend on how long you plan on residing in the house. Your loan officer will be able to address this and all your other mortgage related concerns.
No, you do not need 20% cash down payment. You can purchase a home with zero down payment, (USDA,VA) or you can pay as little as 3% down payment on a conventional loan or 3.5% down payment for FHA loan.
With regards to interest rates, you can always refinance when rates fall. You typically need to wait at least 6-7 months before you can refinance. In the meantime, your home is appreciating in value.
Home prices are always negotiable.
With the help of the right Realtor, the buying process can be an amazing experience.
As long as your dream home is within your mortgage loan approval amount, you will find it.
I do understand your fears. And buying a home does involve a lot of different steps, documents, and a lot of professionals. It can also get a bit stressful. But, the stress is manageable. A very knowledgeable and caring Realtor will be your best defense to guide you through the home buying process from start to finish.
Everyone will be working on your behalf, the real estate agent, the mortgage professional, the title company and everyone in between, work together to make a very complex process seem simple. Trust in them to do what they do best and watch your fears melt away. It is always a great time to buy a solid piece of real estate. See you at the closing table. Until next time…Diana
Image Created by Diana for First Home Houston
