(Newswire.net — October 9, 2018) — VIRGINIA BEACH, Va. – Last week a Virginia Beach Real Estate Agent uncovered 5 essential tips that anyone looking to purchase a home for the first time should know. Even if it isn’t your first time purchasing a home, you should take a look at this information.
Everyday more and more people are looking into purchasing a home for the first time. It is estimated that there are 2 million people purchasing a home for the first time every year. Basically, 1 in every 3 single family homes purchased is by a first time home buyer. This is one of the biggest decisions you will make in your entire life and should not be taken lightly.
In the article released by Top Producers Real Estate they talk about identifying the correct type of loan to use and how you should use a mortgage broker to help ensure you get the best interest rate on your home loan. They talk about how if you get a traditional loan you will need to a 5% down payment but if you get a Federal Housing Administration (FHA) Loan you only have to pay 3.5% down. You can even go as low as 0% down with a Veterans Affairs (VA) Loan.
They also talk about how you could be wasting your time by looking at any house in person or online without getting pre-approved first. Getting pre-approved is important because, firstly, you find out if you are even eligible to get a loan, but even more importantly than if you are eligible is how much you are qualified up to. A good broker will also break down your options to show you what your monthly payment is likely to be.
They address a big mistake that can cause a lot of wasted time and frustration by using Zillow to search for homes. Zillow provides a lot of great information but does not give accurate and up-to-date information on the current status of the home. Many people will spend hours looking at house they think they love to finally contact the listing agent and find out that the house is already under contract.
Another thing people do is they will try to save money by not having a real estate agent represent them and just try to call the listing agent themselves. What they don’t realize is the seller has already agreed to pay 6% to the agent. Traditionally the buying and selling agent split up the 6% but if there is no buying agent then the selling agent will end up keeping the whole 6%.
Lastly, they cover why it is important to have a real estate agent that specializes in the local area that you are looking to purchase in. Some one with this local knowledge could save you a ton of time looking at houses that aren’t a good fit for you. Anyone buying a home knows how important the area is and an agent can screen out the good ones right away so you only spend time looking at houses in areas that you like.
You can read the full article release at: https://www.topproducers-realestate.com/first-time-home-buyer.
When buying a house for the first time the whole process will be a huge learning experience and a ton of stuff will be learned along the way. The most important thing you will want to ensure you have is a knowledgeable and experienced Realtor and Mortgage Broker with many quality reviews to help you along the way. They will be the best resource you have for all the other questions that will popup throughout the process.
You can reach out to Austin Frangoules at this website for a Realtor that specializes in the local Virginia Beach area and he will get you started down the right path. He is currently working on growing his team but at the present moment, due to high demand, can only take on 6 new clients a month so you should reach out soon if your interested.