What should a first time home buyer know before making their big decision?

Answer 1

that they can afford to make the commitment

Answer 2

Houses cost a lot of money. You need to pay for a mortgage payment, taxes, insurance, and maintenance. Usually, the heating, electrical and water bill will be higher. Then you have to pay for landscaping, mowing the lawn, shoveling the snow.

If you plan on staying there for 5 years or less, the home probably won't increase in value very much. Then you will need to pay for a Realtor to sell your home (usually 6%).

The good news is that a home is a "forced saving plan". When you pay your mortgage and your loan decreases, you are investing in your home.

If you can force yourself to save the same money you would put in your home, and put it into a retirement fund (on top of your current savings) you will become a very rich person.

Answer 3

Find a Buyer Representative. ABR or CRC after their name. Interview them and ask for any info they have for 1st time buyers. Ask them to put you in contact with Rural Development. Read everything you can get your hands on. Don't hold back anything from your Agent or banker.
Good Luck

Answer 4

I'm sure there is more but here are a few up my top concerns.

1) Good structure/foundation.
2) That you can afford it, not what the bank says you can afford
3) Good interest rates
4) Fair price

Answer 5

GOD is a very present help!!!!!!!!!! Thank you JESUS for my beautiful, debt free, built from the ground up, window in my bathroom, all open space, fully furnished first time home!!!!!!!

Answer 6

that they should be working with an experienced mortgage professional they can trust and a realtor that listens to their needs.

Answer 7

Forgive the cliche:

[That] your mind cannot write a check that [in] reality it cannot cash.

Answer 8

the mortgage payment.
Get preapproved .