The Essential Steps All First-Time Homebuyers Should Know

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MINT HILL, NC – The Essential Steps All First-Time Homebuyers Should Know

When you start searching for homes for sale in Mint Hill, NC, you want to know what to do first. As a first-time homebuyer, you may not know where to start. Here’s a list of the most important things all first-time buyers should know.

1. Check Your Finances

Before you start looking at homes, you need to have your financial house in order. Check your budget and figure out how much you can afford to spend each month for your mortgage payment, homeowners insurance, and other expenses.

2. Pull Your Credit

You should know your credit score before applying for a mortgage. If your score is below 620, it’s a good idea to focus on boosting your score before buying a home.

Pulling your credit will also help you determine your debt-to-income ratio. This ratio needs to be 43% or less. If it’s under 36%, you’ll have an easier time getting approved for financing.

3. Know the Basic Terms

You should understand a few basic terms before applying for a mortgage, such as APR, Fixed-Rate, Adjustable-rate, and Term. Take the time to look up some of the basic terms before you start the home buying process.

4. Look for Helpful Programs

There are several programs designed to help first-time homebuyers. They are found at the federal, state, and local levels. Look for down payment assistance, FHA loans, and other programs to help you buy your first home.

5. Gain Pre-Approval from a Lender

Before you start looking at homes online or in person, get pre-approved from a lender. You want to make sure you know what you qualify for before you fall in love with a home outside your price range.

6. Hire an Excellent Real Estate Agent

A good agent will make a huge difference during the home buying process. Find an agent you like and trust. Someone with experience working with first-time homebuyers is preferred.

7. Choose your Target Location

Real estate is all about location and it’s no different when you buy a house. Choose the locations or neighborhoods you want to target for your home search. Even the perfect home can be spoiled if it’s in a poor location.

8. Find a Home & Make an Offer

Once you find the right home for you, it’s time to make an offer. Listen to your real estate agent as they will guide you through creating a competitive offer on the home you’ve chosen.

9. Order a Home Inspection

Never buy a house without having a full inspection done. You need to know what you’re getting. Order a home inspection and let your real estate agent help you understand what’s going on with the home once the inspection is complete.

10. Close on the Home

The final thing you will do as a first-time homebuyer is close to the home. Your real estate agent will help you prepare for closing. Usually, this will happen about 30 to 45 days after your offer is accepted.

Before you start looking at the Mint Hill real estate listings, make sure you consider these ten things. As a first-time homebuyer, the process can be stressful. With this checklist, you’ll be better prepared to become a new homeowner.

I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me.  I will help you make the right move! Anna Granger 704-650-5707 | |

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