Tips for First Time Buyers:
1. Find a mortgage broker or lender who will sit down with you and help you understand the mortgage process, discuss available loan programs, tell you about first time home buyer credits, and who has a good record of closing transactions on time.
2. Align yourself with a Real Estate Broker with a proven track record of getting offers accepted and negotiating to get their clients the best deal. You should look for an agent who shares your goals, sense of community, and who understands what you're looking for in a home. You should NEVER feel pressure from your Realtor to buy a home.
3. Drive through neighborhoods you like or where you spend time socially. Write down what do you like about the houses in those areas, what you wish the neighborhood offered, etc. Do this also in neighborhoods where you haven't spent much time. By familiarizing yourself with all the neighborhoods, you will be more prepared when you begin looking at houses with your Realtor.
4. Set a budget. Your mortgage payment includes the Principal & Interest of your loan, annual Taxes, and home owners Insurance (known together as your PITI). It does not include things like water bill, electricity, garbage service, HOA dues, etc. Sit down and determine what you're comfortable spending monthly before meeting with your lender. This way, you can stay focused on the right price range for you.
5. Buying a home can be stressful - especially during inspection negotiations. Communicate with your Realtor often and honestly. They're on your side and want to get you the best deal.
6. Remember that in the end, buying a home is exciting! Try to have fun - you'll be in your new home soon!
My goal with every transaction that my clients understand each step of the home-buying process, that they are in a home they love, and that (gasp) buying a home was fun. If you'd like to find a fantastic first home in Bend, Oregon and have a little fun while doing it, send me a note. I look forward to helping you.