For First Time Home Buyers
1. The Home Buyers Mindset
- Purchasing a home is an investment if the home is carefully chosen, is well-maintained home, and is affordable for your budget.
- You have a home buyers mindset if you understand the above and you love to fix things and don’t mind home maintenance from detecting problems to getting them fixed in a timely manner.
- Before you get involved with homebuying research, you should understand what it means to have plumbing, electrical, heating, air conditioning and roofing problems.
- There is no landlord to call because you are your own landlord and are responsible for your own home.
- The earlier you detect and fix things the better off you are.
2. Why Buy a Home?
- Your home is a place for privacy and this is probably the most important part about home ownership.
- Your payment is frozen in time, this will benefit you financially long term versus having to rent.
- Your payment will stay frozen in time provided you DO NOT take a loan against it. Home refinance is where many first time homeowners lose their home.
- Your home is a place for your kids to grow up in and call home.
- Your home is an investment in your future, f you maintain it, and keep your original loan.
3. How to Keep Your Home Long Term
- Understand the first bill you pay monthly should be your mortgage. If you are sick, well, hurt or depressed, your mortgage has to be paid.
- Do your research in quality home loans to avoid predatory loans. And, avoid refinance loans. Do it right the first time. Your home is not an ATM machine, don’t allow anyone to talk you into to treating it as such, by refinancing after you already have a quality loan.
- Don’t allow anyone to talk you into using your home for car or education loans. Get a car loan at your credit union or bank, save money for your education or get an extra job to pay tuition. There are also education loans.
- Keep your home maintenance current don’t let a leak turn into a flood. The difference in cost to repair and the amount of damage is huge.
4. Resources to help you buy and keep your home
- There are local, state, and federal resources to help you with home buying.
- You are required to take classes and should take classes in most first time home buyer programs.
- Check www.hud.gov for federal resources to help you with home buying. Go to your state’s website and search home buying help for state resources.
5. The first things you need to do before contacting a home buyer agency and prepare for a quality low-interest loan;
A) Stop buying stuff
B) Start selling stuff you don’t need, don’t use, and don’t like – get rid of a large car loan payment if you can sell the car and get a cheaper one.
C) Pay off small bills first, that are the easiest to pay off.
D) Stop using credit cards, if you do, pay off your balances monthly.
All of these things will help to increase your credit score. The higher your credit score the better interest rate and quality loan you can get. First time home buyers need to be aware that getting a low-cost quality loan is at the top of their home buying agenda.
Lois Center-Shabazz | Course Delta Agency
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