The Ultimate FIRST TIME HOME BUYERS GUIDE - Top Tips And Tricks

Buying your first home can feel overwhelming, but understanding these tips and tricks can ease the process. Here's a concise guide:

1. Document Collection & Insurance:

Gather financial documents like bank statements and tax returns.

Secure homeowner's insurance covering potential risks.

Organize all documents, including insurance, in a Google Drive folder for easy access.

2. Appraisal Process: 

Lender orders an unbiased assessment of the home's value.

Appraisal ideally matches or exceeds the purchase price.

Any discrepancies could impact the loan amount.

3. Closing Process:

Conduct a final walkthrough to ensure agreement terms.

Review closing disclosure against the initial loan estimate.

Understand and sign all documents during the closing.

Keep copies of closing documents for reference.

4. First Payment & Beyond:

The first payment typically is due over 30 days after closing.

Payment details are outlined in the closing package.

You want to understand changes in your escrow account as taxes and insurance usually change on an annual basis.

These details are very high level and if you would like more information, please don’t be afraid to reach out.  By staying informed and prepared, you can approach the process with confidence and increase your chances of success.

 

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