27 Mar

Advice for the First Time Home Buyer

RMLEFCU Home LoansBuying a home is exciting! Well, at least finding a home is…

At RMLEFCU we are trying to help all of our first time homebuyers get the home of their dreams in any way we can. This article is designed to give you a few tips regarding the home buying process. If you ever have any questions concerning the loan process we strongly urge you to contact one of our mortgage specialists. This leads us to our first piece of advice, get pre-approved!

  1. Get Pre-approved – This initial consultation and pre-approval process will save you lots of headaches down the road and help you determine how much house you can afford. Getting pre-approved is easy and essential for a first time homebuyer. Once you have determined a budget, start looking for your new home! Bonus Tip: Another advantage to getting pre-approved is how quickly you will get the money to secure the home and get it under contract. Currently in the Denver market, homes are selling quickly. So do the best you can to be prepared. Click here to learn more about  the RMLEFCU loan process
  2. Do Your Research – The more you know about the current market, the more prepared you will be. Looking in a particular neighborhood? Use resources like Zillow to check prices of recently sold homes. This information will help you determine what to offer on a home and whether it is a good deal or not.
  3. Look at the Big Picture – The price of a home is not the only cost associated with it. Remember that there will likely be closing costs, taxes, insurance, inspection fees, and more. There are also hidden costs that may crop up as well like plumbing issues or water heater failure! Some of these expenses you can plan on, others you cannot. Make sure you leave yourself plenty of wiggle room with your finances in case of the unexpected.
  4. Think About the Future – Is this going to be your starter home? Do you plan on staying there for a while? Will you start your family there? Look at the neighborhood and talk to realtors and other people in the area. Is it an up and coming neighborhood or is it starting to decline? Some people believe you shouldn’t buy the nicest house on the block if you are looking to grow your investment. That’s something to consider. Think about why you want this home and it will help you determine how you should make your investment.
  5. Solicit Advice – Talk to as many people as you can that have gone through the process before and ask them for honest opinions. The good and the bad. Although the home buying process seems scary and complicated, with the right help you’ll have no problem getting into the home of your dreams. Working with a trusted institution like RMLEFCU is a huge advantage. We look out for our members and are able to get them great rates that work within their budget.

Please contact us to learn more about our great offers and any restrictions that may apply.

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