During Saturday’s show we focused on first-time homebuyers with guest John Castilone from WJ Bradley. John brought in an article that discussed five smart moves for first-time homebuyers, and we felt these were accurate and helpful for anyone thinking about buying… whether it’s your first time or not. The process can seem overwhelming and because it is such a big decision, having some help is never a bad idea! So, using the article’s tips, we elaborated….
1) Get lender-qualified
The first thing to do is get pre-approved. You want to be honest with your lender about everything, including your credit. After you’ve done this, you’ll have a better idea of your budget and can start shopping around. In addition, once you’re approved you’ll want to find a real estate agent you trust and whom you feel will help you throughout the rest of the process.
2) Think ahead into the future
Always be thinking long term. There may be a very nice house that you love the paint colors and new appliances but its only a two bed one bath and you’re looking to start a family. Chances are you’d move out of that house within a few years and then this process of searching for the perfect house begins again! Start thinking about what your plan is for this property.
3) Stay educated
You want to be as prepared as possible. Asking lenders you already know to help or give advice is a good idea as well. As Andy, who must still have hunting on his mind, mentioned on the show… being prepared is important “You wouldn’t go hunting and not bring your gun!”
4) Remember your budget
John’s advised to find a happy medium between meeting your long term needs and what’s in your budget, adding currently we are in a real ‘sweet spot’ for interest rates! Buy for what you need.
5) Take your time
I’ve worked with people for two to three years! You want to make sure you know what you want and what you need with such a large investment. Keeping an eye on the market to see how long rates stay down or tracking different holding patterns can be a good way to stay current and know when to strike!
In addition to discussing this article we talked about the great opportunities for investment properties, and discovered some new useful apps for your phone. We thank John for being there to help us answer the many questions that came in throughout the show.
Until the next show!
– Chris Rooney