If you’re currently embarking on your home buying journey for the first time, there are a few things you need to know. Suzanne Majure, Crye-Leike Realtors is Mississippi’s most passionate local real estate agent, helping home sellers and first-time home buyers make the most of their real estate transaction.
Suzanne has spent a lot of time understanding the housing industry so she can help buyers and sellers navigate the current market. Because her expertise and knowledge is so vast, she has cultivated several helpful hints for first-time home buyers.
Here are four tips to help you buy a new home or property:
- Educate Yourself: Before you dive into mortgages and interest rates, make sure you understand the home buying process. Financial situations play a key role in securing lenders, so it’s best to know and understand everything that will be asked of you. Educating yourself about the financial process will be vastly beneficial. This includes shopping around for different mortgage rates.
- Understand Your Credit: If you don’t know what your current credit score is, find out. Most lenders check your FICO score, which helps them determine whether you’re a financial risk or someone who pays their bills on time. The average score that lenders find favorable is around 650, so if your score is lower than this, do what you can to improve it. Pay off debt, talk to your creditors, and make sure everything on your credit report is correct.
- Save, Save, & Save Some More: Even if you have a no-down-payment loan, you’ll want to save for other financial situations. There may be home improvements, insurance costs, and monthly household expenses that you didn’t think of. It’s also good to have an extra cushion for emergencies. If you can, talk to family and friends who purchased a home and see if they have advice for saving. If you end up having a down payment, you’ll need anywhere from 5-20%, depending on your credit and other factors.
- Know What You’re Looking For: While professional, knowledgeable realtors like Suzanne can help you navigate the market, it helps if you have a list of things you’re looking for. If you’d like a 3 bedroom home with at least 2 baths, but are negotiable on a fenced yard, this can mean the difference in finding your dream home or not. Talk to your realtor if you have any questions about this—Suzanne Majure can help you come up with the list of qualities that is perfect for you.
If you’re ready to buy your first home now, or even if you’re thinking of buying your first home in the next few years, give Suzanne Majure, Crye-Leike Realtors a call. She can certainly help you understand and navigate the local house buying market, and she's happy to answer any of your questions. You can reach her by calling (601) 613-6813. You can also visit her website to learn more about her and her real estate expertise.