If you are a Bucks County first-time home buyer, there are a few things you should know ahead of time to help make your experience smooth and successful.
Begin the adventure by asking your Realtor to recommend a few mortgage providers to have your credit scores evaluated. You want to be are-approved or pre-qualified before you actually start looking at homes. In Bucks County, Northeast Equitable and Benchmark Lending are local lenders that provide excellent service.
If your credit scores are on the lower side, most mortgage companies will have specific recommendations and/or programs to assist you with improving your score. The higher your score, the more eligible you may be for a better interest rate which can be especially important for first time home buyers. This translates into your ability to purchase more house Also, be sure to ask if there are any available first-time home buyer programs available.
Once you speak with your mortgage broker, you will know how much house you can afford. Now that you have begun, do not over-use your credit cards, purchase furniture, or buy a new car until after you find your dream home.
Once you are pre-qualified, find a “Buyer's Agent” to work with you. They will represent your interests only, not the seller's interests. As you proceed looking at properties, your buyer's agent will help you to stay in your price range. It is very frustrating to look at a home that is “perfect”, but $15,000 beyond your price range especially for first time home buyers.
If you are looking at new construction, decide which options are the most important as each option will increase the price of the house. Also important is the delivery time. How quickly can your home be built and ready for you to move in?
If you are looking at resales there are likely to be many negatives to each home. Make a list of the must-have features and the negative qualities of each house. Do you want a farm house with land? A development house with neighbors? Are there things that you can DIY after purchase? Is the neighborhood good for children? Is this the school district you prefer? How is the commute going to impact your life? Narrowing your options ahead of time will help you to truly evaluate each home and help make your final decision a well-thought-out choice.