Ability Realty

If you’re in the market to buy your first home, congratulations! Buying a home could be one of the most significant investments you’ll ever make, and doing it for the first time can be both exciting and overwhelming. Once you’ve found the home you want with the help of your Tucson real estate broker, you’ll have to decide how to finance the purchase and go through the rest of the home buying process. It’s easy to feel stress in this situation, so here are a few helpful tips for first time home buyers.

Know Your Credit Score

House hunting can be a time-consuming process. If you’re lucky, however, you may find the house of your dreams relatively early in your search. Most people will need to get a loan in order to buy their first house. Your credit score will be a significant factor in determining whether you qualify for a loan, and what type of loan you can get. To get an idea of what type of loan you’ll qualify for, you can get a free report of your credit score from the three credit bureaus. The higher your credit score, the better.

Understand Your Cash Flow

Having a good credit score is just one step in being able to make monthly payments on a home. You should also take a look at your monthly cash flow to see what type of mortgage you can afford. Understand how much you currently owe per month, and what your normal expenditures are to see what you can pay on your home.

Get Organized

The home buying process can be complicated, which is why it’s a good idea to have a real estate broker on your team. With the help of your broker, you’ll need to compile the documents that show your income and taxes. Lenders require thorough documentation, so it’s best to start getting organized as early as possible.

Ability Realty of Tucson is here to help you through every step of the home buying process. Call us at (520) 296-7143 with your questions about being a first time home buyer. We will work with you to make the process as smooth as possible.