As a first time home buyer in Northern Virginia area it can be over whelming on amount of information you need to process or know while going through house hunting. Here are few simple Dos and Don'ts while purchasing your home in Northern Virginia.
DOs:
Financing: Do learn everything about your home financing: Including your current credit score, debt to income ratios, purchasing power, estimated mortgage payments, types of loan you qualify for and/or how to improve score to secure better interest rate or the another loan product. Interview few local lenders and know your options!!!
Area you want to purchase: Largest time for house hunting goes in figuring out where purchasers wants to purchase a home. Most of first time homebuyers have a wider area in mind without understanding what they can find in their price range in certain areas. Try visiting open houses, learn about the neighborhoods, style of the homes, commute options from the location you are interested in, visit schools if that is an important criteria. Narrow down to a few cities or neighborhood for your home search and it will be lot easier to focus and find a right home.
Identify your wants & must haves: Lot of first time home buyers in the Northern Virginia area are fascinated by popular TV shows. They have a long list of must haves. When I meet them for first time home buyer counseling I am not surprised how their wish list is unrealistic to their budget. Do understand and priorities your wish list for what must be there in the home or area you want to purchaser versus what you can live without in a home or area you want to purchase in. That will help you make a decision when you find that right home.
DON’Ts:
Change Job: If you are in a process of purchasing a home please do not get tempted to switch jobs. Lender's likes to see a steady employment history. If you do get offered a job that pays more, you may probably still get your loan approved. However be warned that your lender may require more documentation or add additional guidelines for approval. Speak with your loan officer before you make a decision to switch jobs.
Large purchasers: Please, Please, Please do not make any large purchasers like cars or furniture till your home purchaser is completed. Opening another credit card may throw a red flag. Lender will be worried about increase in your debt. This may affect your loan approval. Just wait till you start living in the home and then make big purchase decisions.
Waiving Contingencies: House hunting is overwhelming and exhausting. Especially in a sellers market it is intimidating to waive contingencies like home inspection, financing or other contingencies to win that bid and be done with house hunting! Please remember buying a home is the largest purchaser you will ever make. Discuss with your local Realtor and understand the consequences for waiving each contingency.
Giving up House Hunting: Many times it takes over months to a year to find a right home. In seller's real estate market you loose bids after bids due to multiple offers and face disappointment. Don't just give up !! As a local Norther Virginia Realtor we see homes come up in all season. If you cannot bear the heated spring real estate market may be put your house hunting on hold and come back in late summer market. Or consider home that needs some work but has potential in a long run.
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