It Could Be Scary to Be a First Time Homebuyer

“It Could Be Scary to Be a First Time Homebuyer”

First Time Homebuyer Fixer Upper ~ (Project 36...

First Time Homebuyer Fixer Upper ~ (Project 365/49) (Photo credit: Echo9er) It’s Scary to Be a First Time Homebuyer

In honor of Halloween, I decided to look at the SCARY issues facing first time homebuyers.  Since the housing bubble burst, opportunities for first time homebuyers have increased as property prices have fallen.  Where do you start?

First, have you run your credit report?  Sites like Freecreditreport.com try to sell you credit monitoring programs, but you can run a free credit report through various agencies including a service offered by the FTC.   With banks raising the minimum credit scores required for a mortgage, you may not qualify right away, but a good mortgage banker should be able to guide you through the process of cleaning up your credit.

If your credit is good and you’ve been pre-approved for a mortgage (you’ve submitted income documentation to the underwriters via your mortgage banker), you have to decide how much you are comfortable spending.  I believe it’s just as important to find a home you can afford to keep, as it is to find a home you can afford to buy.  No one wants to be house poor, owning a Mc Mansion without a stick of furniture in the house or the freedom to feed and entertain yourself.

Trying to make the stretch into a more expensive town?  Consider a fixer upper in a good neighborhood.  Are you planning an addition to your target property? Consult with an architect first, to decide feasibility, and cost.

Besides good credit, a letter of pre approval from the bank, and an idea of where you want to live, what else do you need?  A knowledgable mortgage banker is a necessity as is a proactive agent to negotiate on your behalf.

My next installment will focus on what happens after you go to contract, but in the meantime, should you want a complimentary, no obligation consultation to decide if now is the right time to buy, contact me and let’s start a dialogue. 

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About Ruth Zeiss

As a Realtor servicing the state of Connecticut, I believe everyone deserves a boutique level of client care, regardless of the size of the moat around their castle. I believe that homeownership is the gateway to prosperity. Why build someone else’s equity when you can build your own wealth? If you’re a buyer, my goal is to find you a home you can not only afford to buy, but a home you can afford to keep. Are you selling your house? I will work with you to market and sell your property. Your ideas are always welcome because no on knows their house as well as you do. If you are a renter, you know how competitive the rental market is. I will help you find the best quality rental in your budget Is your credit scratched and dented? I will help you market yourself to the landlord so you can overcome those blemishes on your credit report & get the rental. Buying, selling, or leasing, I will protect your interests every step of the way from the initial negotiations, to inspections, appraisals, and finally the closing table. I care for my clients as if you are my own children. It’s not just my job, it’s the way I’ve always done business. Ruth Zeiss CT Real Estate License RES.0789147
This entry was posted in credit scores, first time homebuyer, mortgage and downpayment, Real Estate, Uncategorized and tagged , , , , , , , . Bookmark the permalink.

One Response to It Could Be Scary to Be a First Time Homebuyer

  1. Pingback: Congratulations! You’re Under Contract | ruthzeiss

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