Orlando first time buyers often need a lot of help since the home purchase process is sometimes be downright scary. It's easy to make quick and sometimes bad decisions when you are purchasing a home for the first-time. In order to make sure things run smoothly, there are some things all first time home owners in Orange County should know:
Always Get Pre Approved For Financing Before Looking At Houses - This Should Be Top Priority.
A most important part of buying a home is knowing if you can get approved for a mortgage, and more importantly...how much you can afford to purchase? In addition you need to understand the different mortgage financing available, and what loan option best fits your needs. 100% USDA Rural Housing, FHA mortgage, VA loan, Conventional loan, etc. Required down payment, loan terms, money needed for closing costs - these are all important things first time buyers need to know in advance. Furthermore, home sellers and realtors will often times require buyers to get pre approved before considering any offers. Call us at ph: 904-302-6060 Monday-Sunday to discuss all the available loan options in your area.
New Debt Before Home Purchase
Taking on new debt like a car loan, etc is a quick way to disqualify yourself for a home purchase. Your debt to income ratios play an important role on how much you get pre approved for. Thinking about adding a new $500 per month car loan? it could lower your home approval amount by over $60,000. Buyers are often surprised how big the impact of debt can be on their approval amount. If you need to make a large purchase like a car, hold off until after your home closing.
Reading Too Much Online
Online websites are generally a good source when you are looking for basic information, but often, this is not all the information you should have. Make sure you have phone conversations with the realtor and mortgage company you are dealing with so you fully understand all the details of your agreement. You need to understand the entire home buying process before searching for properties. Most importantly, always try to deal local. Ex: If you are purchasing a home in Florida, it's wise to only deal with a mortgage company in Florida.
Find A Good Realtor
Like your mortgage lender, your realtor is equally as important. Make sure you are working with a proficient realtor local to your neighborhood. Realtors play a big role in the contract and closing costs negotiations. Please reach out to us if you need a Orlando area Realtor recommendation, we would be happy to make the connection for you.
Passing On Home Inspections = Not Good
Some first time buyers may want to cut down on costs by not getting their home inspected. While that may help lower the costs in the beginning, it’s a very bad idea that could come back to bite you later. Getting a home inspected right before or after your purchase gives you a full overview of homes overall condition, all the work that has to be done on the property. The costs of a home inspection for most entry level homes around Orlando is about $250.00 - $400.00 - small price to may when you are talking about such a huge investment.
Orlando first time buyers that have questions about starting the purchase process are encouraged to contact us below 7 days a week. We service all Florida home buyers including Orange County : Apopka - Belle Isle - Christmas - Doctor Phillips - Edgewood - Lake Buena Vista - Maitland - Ocoee - Orlando FL - Windermere - Winter Garden - Winter Park