Tips for First-Time Buyers of New Construction Homes
If you are looking to purchase your first home, there are several things to consider before you begin shopping. Many new buyers make common mistakes, and by avoiding them, you can find the house that is perfect for you, your budget and your family.
Here are a few guidelines for organizing your finances, finding the best lender, determining your needs and discussing them with qualified lending professionals.
Learn About The New Home Buying Process
Many new home buyers shop for their dream home, find their dream home and get disappointed because they did not understand their finances. To avoid this, begin by finding out what type of a loan you are qualified for. Then, you can obtain a credit report, contact a reputable lender and prequalify for a workable mortgage loan. Once you know your purchase price range, you can then organize your budget into specific areas of spending.
Figure Out If You Are Able to Afford A New Home
Monthly mortgage payments are not the only expenses to plan for when buying a home. There are also the property taxes, homeowner’s insurance, your down payment, closing costs and the monthly homeowner’s association (HOA) dues to account for. Plus, there are the additional costs of monthly utilities such as heating, cooling, gas, water and electricity as well as general upkeep and landscaping.
Shop Around & Work With A Mortgage Lender
Just as many people visit various dealerships before buying a car, consider meeting with several lenders before settling on the bank that is right for you. Comparing loan offers and interest rates between banks can give you numerous options to choose from rather than just one scenario. Plus, once the banks know you are shopping around, they may be more inclined to accommodate your needs in order to earn your long-term business.
Find The House That You Want
There are plenty of new construction homes to choose from in Utah County. Based on your budget, your current household size and the future plans for your family — the right house for you may be waiting in one of many new communities across the region. McArthur Homes is building an attractive array of neighborhoods founded on quality, longevity and community.
Talk It Over Before You Buy
Communication plays an important part in the home buying process. As a new buyer, you can learn about how mortgages work by speaking with lenders and having them break down the process for you in detail. This is also an excellent way of determining who you want to work with. Also, talking with other homeowners can provide valuable insight about what to expect in the coming weeks.
As a future homeowner, understanding each step of the process makes for a great first-time buying experience. Contact us to work with a team that offers practical advice based on many successful years in the homebuilding business.
This post was written by Paige Giles