A Home Of One’s Own: Recommendations for First-Time Buyers

by Madelaine Brauner Landry

Firsts are always a bit intimidating, especially when they involve spending large amounts of money. Buying your first home tops that list. You want to find something affordable, in a desirable location, with room to grow. The complexities of searching, purchasing, and the mortgage process are real, and for most of us, difficult to navigate. How can you make the process more pleasant and less frightening?

Summer Richard-Boudreaux, licensed Realtor at Castle Real Estate, Inc., says your first step should be to talk to professionals. “They will assist you from when to start saving money for your down payment, to what loan products you will qualify for. This information will make searching for your first home less stressful because you’re starting with accurate search criteria. Budget is the first criterion. What can you afford, not only today, but if something happens that impacts your take-home pay in the future? When creating your budget, consider not only the cost of the house mortgage, but also property taxes, insurance, and the other unexpected expenses that often arise. This information can readily be provided by the professionals assisting you in your home purchase.”

Next, consider your credit. Your score matters in loan qualification. Various mortgage options exist, and there could possibly be some low interest or lower down payment products available to you as a first-time home buyer. Lenders and Realtors can help you learn more about these options. Programs exist that help, but there are income limits, as well as limited availability. If your credit needs repair, there are programs that can help with that as well. You cannot realistically expect to get a home loan approved these days if you have unresolved collection accounts showing on your credit report. “When these pieces to the puzzle are in place, the fun really begins!” Richard-Boudreaux says.

Realtors know that first-time home buyers have spent hours cruising the neighborhoods they like. Is this a convenient area, close to work, schools, recreation, or other personal priorities? “There’s nothing wrong with dreaming big, but in home purchasing, dreaming realistically serves you best. Start touring homes with your Realtor,” Richard-Boudreaux advises.

Ask for recommendations to find a Realtor and lender you can trust. Search for the right person and agency to make your home dream a reality. “Realtors are professionals,” notes Richard-Boudreaux, “with the training and experience to not only assist with finding the property that meets your needs, but also those that fit your budget. They will be by your side to set up your home search, negotiate on your behalf and guide you through the entire process from contract signing to closing. Your lender is also critical. Along with your Realtor, they will explain loan products, programs, and negotiation tactics that can make buying your first home a less intimidating experience. These are critical transactions that will keep you headed in the right direction.”

Finally, remember purchasing a home is not an overnight process. It can be unpredictable and frustrating at times, so flexibility and patience are required. Once the furniture is delivered and you are spending the first night in your new home, you can sleep well knowing you made the right choice!