OKC Realtors: Handy tips for the first time home buyer
Buying a home can be a lengthy process. Some even find it scary. It takes a large amount of money and resources to buy a home and getting a bad deal can leave you stuck in bad way for years, even decades. OKC Realtors has some tips for the first time home buyer to make sure you get the best deal possible.
Save for a down payment early: The common rule for a down payment on a house is 20%. But most lenders will let you buy a house with a down payment with a little as 3% down. But these smaller down payments often mean larger higher costs overall and having to buy private mortgage insurance. Start saving early so you can keep your options on the down payment open.
Check your Credit (But not too much): When your getting approved for a loan, your credit will be one of the key factors in determining if your approved or not. It also helps determine interest rates on these loans. So be sure to check it before applying for a loan. Dispute any errors in your credit report and see if you can raise your score by paying off outstanding debts. It’s important to not obsessively check your credit score though, as multiple checks can lower your credit score. Once or twice shouldn’t hurt though.
Pause any new Credit activity: Any time you open a new account, whether it be for a new car loan or a credit card, the lender will check your credit score. This can actually temporarily lower your credit score. So be sure to stop any new credit activity before you start looking for a house.
If your looking for a new home, let the experienced realtors at Metro First Realty, OKC Realtors, help you find the perfect home.