Tips for First Time Home Buyers:
- Be pre-qualified by a lender.
- Obtain a mortgage pre-approval.
- Have the necessary funds available to write an initial due diligence and earnest money check.
- Have the remaining money for your down payment easily accessible.
- If you are receiving a “gift letter” for a portion of your down payment, be sure to have the money transferred into your savings account.
- Pay balances on revolving credit cards.
- Do not make big purchases (such as a car) prior to getting loan approval and closing on your new home.
- Have a credit report run by a credit agency so that you can clear up any potential problems.
- Find an attorney to review an “offer to purchase agreement”.
- Be aware of the dates you can move on.