First Time Home Buyers

This is my first in what I hope to be weekly blogs on Real Estate in Northwest Indiana. I hope to provide helpful advice and support on buying, selling and anything else important that comes up in the business. Since this is my first blog, I thought it appropriate to give advice for the first time homebuyer-

This will be one of the biggest financial decisions you will make, so the more you know the better of you will be. Here are some hints to make the process less stressful.

1. Know your credit score. You can get this through a variety of sources online and will help you when you visit your lender and start talking interest rates.

2. Get pre-approved! This is very important. If you don't know how much house you can afford, there is no use going around and looking. Sellers' will also be more willing to negotiate with buyers' who have a strong pre-approval letter.

3. Talk with multiple lenders before deciding. Ask about all fees and closing costs up front and compare. You'll be surprised how different some are and how much money you'll save.

4. Work with a Realtor or at least consult an attorney. Remember, this is a large financial commitment and you want all the help you can get.

5. Knowledge is Power- Get some books or magazines on buying real estate, there are hundreds out there. Familiarize yourself with the terms and definitions and how the process works. Ask your Realtor for a dictionary of terms like, escrow, title, appraisals, deeds, etc...

6. Be patient- Familiarize yourself with the process and realize it takes time. The average time frame for closing a financed purchase in Northwest Indiana is 45 days.

7. "What's most important to you?" This is a good question to ask yourself. Is moving in a certain time frame more important than getting the right price, or is value most important to you. Be aware homes are out there being looked at all the time by many potential buyers.

8. This is your dream- Don't settle but don't over pick! No home is perfect, most homes have some minor flaws or things you don't like or feel comfortable with. This is where you have to ask yourself again what's most important to you? Example, can you live with the hot pink bathroom if the home is in your ideal location or has the large backyard you always wanted. Also, Make sure you get a home inspection from an independent contractor to protect yourself from major defects.

Well that's all for now. I hope to update this soon with more advice on Real Estate news from Northwest Indiana.