First-Time Home Buyer Tips

Keep an eye on your credit score and report. Credit is the most important factor a lender looks at when deciding if they will approve a mortgage and how much they are willing to approve.

Before you start looking at real estate you may want to get a pre-approval letter from your bank. This will help you or your real estate agent determine what homes are in your budget.

Do your research to determine the right type of house and neighborhood.
You may assume you’ll buy a single-family home, and that could be ideal if you want a big yard or a lot of room. But if you’re willing to sacrifice space for less maintenance and extra amenities, and you don’t mind paying a homeowners association fee, a condo or townhouse could be a better fit. But even if the home is right, the neighborhood could be all wrong.

So be sure to:

• Research nearby schools, even if you don’t have kids, since they affect home value.
• Look at local safety and crime statistics.
• Map the nearest hospital, pharmacy, grocery store and other amenities you’ll use.
• Drive through the neighborhood on various days and at different times to check out traffic, noise and activity levels.

Do your research to determine the right type of house and neighborhood.
You may assume you’ll buy a single-family home, and that could be ideal if you want a big yard or a lot of room. But if you’re willing to sacrifice space for less maintenance and extra amenities, and you don’t mind paying a homeowners association fee, a condo or townhouse could be a better fit.

But even if the home is right, the neighborhood could be all wrong. So be sure to:

Research nearby schools, even if you don’t have kids, since they affect home value.

Look at local safety and crime statistics.

Map the nearest hospital, pharmacy, grocery store and other amenities you’ll use.

Drive through the neighborhood on various days and at different times to check out traffic, noise and activity levels.