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5 tips for first-time home buyers

It’s projected this year that millennials will make up over 51% of national home buyers.  There’s plenty to learn about real estate. Buying or selling a home can be a daunting ordeal if buyers don’t feel knowledgeable about the industry.

We’ve put together five important things for buyers to consider when finding their first home:

1. Check Your Credit:  Conventional home loans  typically require a credit score to be at least 620 and if it’s below that, buyers will want to look into a Federal Housing Administration loan.
2. Home Buyer’s Confidence:  It’s important before buying a home to know significant key terms and what they mean. Buyers must also research the real estate in their area.
3. Commission, What is It?  Buyers should ask agents up front what they should expect to pay in agent commissions, fees and closing costs.
4. Work With An Experienced Real Estate Agent:  Working with a knowledgeable and experienced agent who understands your market and its current conditions can make all the difference in your home buying journey.
5. Mortgage Myths:  PMI is usually required when a homebuyer can’t afford a 20% down payment. New homeowners should strive to avoid PMI. It ultimately raises home payments and can make homes unaffordable.

Buying a home is a huge step but with knowledge and a great agent, consumers will be headed in the right direction!