Steps for First Time Home Buyers

The five Cs of finding your forever home. 

If this is your first time buying a house, congratulations! You’re about to complete a major milestone in your life. We’re here to help you celebrate and also keep you informed. Follow these tips to make sure that you enter your brand new home with all the peace of mind that you deserve. What do I need to buy a house? Here are the five Cs that you need to know:

Choose a solid real estate agent.

  • A good real estate agent will help make the homebuying process much easier! They can help find available homes that fit your budget and preferences. They can also be a valuable resource during the negotiation and closing process. Don’t be afraid to talk to a few different agents before you choose. Make sure they have experience with first-time buyers!

Check your credit.

  • When your dream of owning a home is close to being realized, the last thing you want holding you back is your credit score. Your credit score can determine your eligibility for certain mortgages and will also affect the interest rate you’re offered by lenders. Make sure you pay bills on time and track your score often.

Carefully choose your mortgage.

  • Research, research, research! The home buying process for your first home may include figuring out a lot of information, but looking into mortgages is worth the extra time. This is a long-term decision, and it’s important to take into account the down payments and eligibility requirements that each type of mortgage requires. If at any point you need to refinance that loan, Monarch can help you close. 

Consider a home inspection.

  • Let’s say that you’ve found your forever home — the street, the neighborhood, everything seems like this is the place you were meant to end up. Before you move in, make sure the property itself is up to snuff. A home inspection by a professional will offer a thorough look at the structure and surrounding property and let you know if there are any problems. Be an informed buyer!

Close with confidence.

  • Closing on your new home can mean quite a bit of paperwork in a short amount of time. You’ll likely need to get your new home appraised, complete a title search to confirm that no one else has any claim on the property, and obtain private mortgage insurance, if you require it. However, all this is worth it: Once everything is signed, it’ll mean that you’ve finally done it. Pat yourself on the back — you bought a new home for the first time! Take your keys and enjoy your new place.