10/03/2025
601-319-5906 | 601-607-4777
Want to score with homeownership? Here are a few must-know steps for first-time home buyers:
1. Know Your Budget๐ฐ (Beyond the Sticker Price)
Your home budget isn't just the sale price. Remember to factor in:
โช๏ธ Down Payment: This can range from 3% to 20% or more in some cases.
โช๏ธ Closing Costs: Fees paid at closing, typically 2% to 5% of the loan amount.
โช๏ธ Ongoing Costs: Property taxes, homeowners insurance, maintenance, and (if your down payment is less than 20%) Private Mortgage Insurance (PMI).
2. Get Pre-Approved for a Mortgage๐ฆ
Before you start looking at homes, talk to a lender and get a pre-approval letter. This is a lender's commitment (contingent on the property) to loan you a specific amount. It shows sellers you are a serious and qualified buyer, which is a major advantage when making an offer!
3. Assemble Your Team๐ฉโ๐ป๐จโ๐ผ
A great team makes all the difference:
โช๏ธ Real Estate Agent: Crucial for navigating the market, negotiating, and guiding you through the process.
โช๏ธ Lender: Shop around to compare rates and terms.
โช๏ธ Inspector: A professional home inspection is a MUST to uncover potential costly issues before you close.
4. Don't Skip the Inspection! ๐
Even if a home looks perfect, a professional inspection can reveal problems with the roof, foundation, HVAC, or electrical systems. This gives you leverage to negotiate for repairs or a lower price, saving you from expensive surprises later.
Good luck on your journey to getting your first set of keys, and when you are ready to shop for a home, give me a call!๐ก