When you are a first-time homebuyer looking to buy a property, there’s a lot on the line – including your finances and your family’s future. This is why doing things right is essential in order to secure the home of your dreams for a price that you can pay.
With multiple factors involved, such as agents, money, and the changing housing climate, the process can feel complicated. In addition, you may come across contradictory information and professionals who are looking out for themselves.
You may be surprised to learn that, with the right resources, you can cut through much of the noise and make more educated decisions:
#1 Nobul
Nobul is a disruptive marketplace that’s making waves throughout the real estate industry. It’s a hit with young homebuyers such as millennials because it offers multiple transparent tech-enabled solutions.
In an interview with BNN Bloomberg, the founder and CEO of Nobul, Regan McGee, shared why his platform is popular with first-time homebuyers like millennials. He explained, “This is what people are demanding nowadays, especially millennials. This is how they want to do everything. They want information, they want transparency, and they want it tech enabled.”
With a resource like Nobul, you can:
- Check the history, services, cash-back incentives, and verified reviews of multiple agents before entertaining multiple proposals in a no-pressure situation.
- Get live, personalized support from experts to address any questions or concerns or gain support through the purchase process.
- Browse detailed listings in your target neighborhood.
- Comfortably schedule in-person or video tours.
- Examine price trends to make educated decisions.
#2 Down Payment Calculator
Your down payment is the upfront portion of the payment you’ll need for your home. After the down payment is paid, your remaining balance will be amortized as a mortgage loan.
Check the prices of the homes you’re targeting. You can feed this information into a down payment calculator to understand how much cash you need to save for your down payment.
#3 House Affordability Calculator
A house affordability calculator can help you figure out how much you can afford to pay for a house. You can find many such calculators on the web pages of popular financial institutions. You may need to enter the following information in the calculator to estimate your price range:
- Location
- Total annual household income
- Down payment
- Credit card loans
- Other debts
#4 Credit Report
Your credit score and credit report will significantly impact your mortgage terms and value.
All three major credit bureaus offer one free credit report per year. Use this document to understand where you stand and the areas you can need to work on.
You can make larger payments on your outstanding bills, pay off any collections, and minimize outstanding balances to improve your credit report.
#5 Mortgage Pre-Approval Tool
Getting pre-approved for a mortgage can enhance your credibility with real estate agents and home sellers by showing them that you’re earnest and capable in the real estate market. It may also allow you to lock in a favorable interest rate for a few months.
Most banks offer mortgage pre-approval tools. These tools check your credit and financial information to make a lending commitment.
These are five resources every first-time homebuyer needs to optimize their house-purchasing journey. Use the right tools to gain a better understanding of your reach in the real estate market and connect with trustworthy professionals in the industry.
