Things First-Time Home Buyers Need to Know

Buying your first home is a big financial commitment. As you research the right properties for your needs, don’t forget to the consider the financial aspects of things. Here are some things a first-time home buyer needs to know to avoid serious mistakes when buying a home.

First, make sure you know how much you can afford to buy. Figure out what your price range is, and stick to it. Don’t forget to calculate the other costs of buying a home, like increased utility costs, homeowner’s insurance and home repair.

Next, take the time to obtain a copy of your credit report, and fix any problems you find on it. A clean credit score will improve your chances of loan approval and fair terms when buying a home.

Finally, gather your documentation. You’ll need your bank statements, pay stubs and W-2s to apply for your mortgage. Once you have the documents, apply for your mortgage pre-approval. Then you are ready to begin shopping for your new home. Working with a qualified real estate agent will make the shopping aspect much simpler.

If you are looking for mortgage pre-approval and want to be sure that you avoid mistakes when buying a home that are common to a first-time home buyer, contact Avis Lending. We will help you get the loan that fits your financial situation, so you can enjoy your new home without a huge financial burden.

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