1989 called, they want their facts back. The majority of first-time buyers put less than 20% down to buy their home!

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Becoming a first-time homebuyer can be an exciting and rewarding experience. Here are some steps to help you navigate the process:

1. Assess your financial readiness: Evaluate your financial situation, including your income, savings, and credit score. Determine how much you can afford for a down payment and monthly mortgage payments.
2. Set a budget: Determine your housing needs and establish a budget. Consider factors such as location, size, and amenities. Use online calculators to estimate your monthly payments.
3. Save for a down payment: Start saving money for your down payment, closing costs, and other expenses associated with buying a home. Consider setting up a separate savings account for this purpose.
4. Get pre-approved for a mortgage: Contact lenders to get pre-approved for a mortgage. This will give you a clear idea of your budget and make you a more attractive buyer to sellers.
5. Start house hunting: Work with a real estate agent to find suitable properties within your budget. Attend open houses, research neighborhoods, and compare listings.
6. Make an offer and negotiate: Once you find a home you like, make an offer to the seller. Negotiate the terms, including the price, contingencies, and closing date.
7. Complete the paperwork: Work with your lender to finalize your mortgage application. Provide the necessary documents, such as income verification, tax returns, and bank statements.
8. Get a home inspection: Hire a professional home inspector to assess the condition of the property. This will help identify any potential issues before finalizing the purchase.
9. Close the deal: Work with your real estate agent to review and sign all the necessary paperwork. Pay the closing costs and make arrangements for homeowner’s insurance.
10. Move in and enjoy your new home: Once the sale is complete, it’s time to move in and make your new house a home.

Remember to consult with professionals such as real estate agents, and lenders throughout the process to ensure a smooth and successful home buying experience.

Brought to you by Jamohl and Lacee DeWald, first time homebuyer specialists.

If you are thinking about buying or selling real estate in Portland, Beaverton, Tigard, Hillsboro, Aloha and surrounding areas, let us help guide you!

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