4 Tips for First Time Homebuyers


As a first time homebuyer, you may be very confused or even nervous about making such a big purchase. After all, it is something that you will have for a long time to come and probably the biggest purchase you have ever made.  Therefore, when deciding which home to purchase, you will want to feel good about your choice. A few Boise Idaho first time homebuyer listings under $150K furnished by IDX/MLS and these homes are updated daily each morning:

All listings for Boise Idaho homes under $150K with 3 bedrooms, and 2 bathrooms


Tip #1 - Know Your Home Buying Budget


It is important to know your budget before you set out to look at homes.  Having a budget in mind and being clear about it will make you look in your price range and not be tempted to over-extend yourself. As a first time homebuyer, you do not want to get yourself in too deep with monthly payments. In addition, you do not want to tempt yourself with homes that are not in your price range. So figure out your budget first, clearly present your range to your realtor, and stick to it; you will be happy you did in the end.

Tip #2 - Get Pre- APPROVED for a Mortgage


The terms preapproved and prequalified can be confusing to first time homebuyers.  If you are serious about buying a home, you will want to make sure you are preapproved for a mortgage before you even start. As a first time homebuyer you may be surprised by some of the things that can affect your preapproval.  Getting your finances straightened out early is the best way to prevent yourself from getting into a tricky situation late in the game.

Prequalified only means that a lender has looked at your numbers and figured out what you would likely qualify for when everything else is in line. This means they may or may not have run your credit.

Being preapproved for a mortgage means that you have been through the underwriting process and are ready to make an offer. You will likely get approved for the loan in the amount you are preapproved for. Being clear on this will keep you from slow-downs late in the home hunting game.

Tip #3 -Know Your Plan for the Home


When buying a home it is important to understand your plan for the house.  Do you plan to stay a few years in the home or do you hope to stay and raise your family there?  As a first time homebuyer it is important to understand your plan.  This will help you determine the best home to buy and what type of loan to secure.  Knowing how long you are planning to stay in the house can also help you decide between renting and buying. 

Tip #4 -Get Your Wants and Needs Figured Out Beforehand


When buying a home, whether you are a first time homebuyer or a savvy, experienced buyer, it is imperative to understand what you really need and what you just want in a home.  Understanding this before you start looking is a great way to ensure that you are not tempted to go above your budget for a want, and to not get bogged down by an amenity when the house doesn't meet all your needs.

Using these tips will help you be smart during your home buying search and help you narrow your choices more quickly.  Having a clear plan, as well as understanding your budget, your plan, and your needs, will help you stay on track, not overextend yourself, and make you a much happier first time homebuyer.