Buyer Tips -

Things to know before you buy a home

Buying a home is the biggest investment that most people ever make. Being prepared and educating yourself on all the things you need to know is critical to you becoming a successful homeowner.

Weigh the pros and cons of buying a home

Owning a home can be a rewarding experience, but it's important to prepare for this major milestone. Carefully weigh the pros and cons of purchasing a home versus continuing to rent and determine whether buying a home is the right decision for you and your family.

Look at the big picture

While buying a house can be rewarding, it can be labor intensive and expensive. Leaky roofs, plumbing issues and other home repairs can add up. Consider the cost of general maintenance and unexpected expenses when determining if you're ready for home-ownership.

Preliminary items to consider:
  • Determine what mortgage amount you can qualify for. Also explore different loan options and decide what's best for you.
  • Organize all the documentation a lender will need to pre-approve you for a loan.
  • Do research to determine if you qualify for any special mortgage or down-payment assistance programs.
  • Calculate the costs of home-ownership, including property taxes, homeowner insurance, mortgage insurance, maintenance, and association fees, if applicable.
  • Don't wait to get a loan: Talk to a lender and get pre-qualified for a mortgage before you start looking.
  • Think long-term: Are you looking for a starter home with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.
  • Don't let yourself be "house poor": If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.