What should I know as a first-time homebuyer?

One of the most exciting times in a person’s life is when they purchase their first home. That being said, it is also probably equally as stressful as it is exciting. There are a wide array of factors that must be considered when you buy your first home and you should absolutely do as much research as you can beforehand so you can make an educated decision. This is one of the biggest investments a person can make and you may live in this home for the rest of your life so it is important to make a smart decision.

The first few things that you need to determine is what your financial situation looks like at the time you are looking to purchase a home and what it will look like in the future. You should use a mortgage calculator or consult with a mortgage broker to determine what your monthly payments will be depending on the cost of the house you buy. In addition, you will need to find out how much you will be eligible to borrow from a lender. There are many online resources that you can use to determine what you can afford and how much you can borrow but it is always better to consult with a financial expert in person who can assess your financial situation before you purchase a home.

First-time homebuyers too often make mistakes that can easily be avoided. When it comes time to get serious about buying a home, you should also retain the services of both a real estate agent and an experienced real estate attorney who can make sure you are not getting taken advantage of when buying a home.

If you require experienced legal representation for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.