8 Things You Can Learn From a First-Time Homebuyer Boot Camp #homeownership #realestate #investment

Source:  U.S. News & World Report

A first-time homebuyer class can be key to pointing out steps you may have previously been unaware of, walk you through some of the challenging aspects and help you identify the right timing and location for your home purchase.  Here are some things you'll learn in a first-time homebuyer boot camp.

Making Sense of the Story:

- A first-time homebuyer class can be key to pointing out steps you may have previously been unaware of, walk you through some of the challenging aspects and help you identify the right timing and location for your home purchase.  Here are the things you'll learn in a first-time homebuyer boot camp.

1.  Your credit history is important.  You've probably heard this once or twice already, but a first-time homebuyer class starts with the basics - and the most basic thing you can know about buying a home is that your credit matters when you apply for a mortgage.

2.  Pre-approval is a must.  Beyond your credit, mortgage approval is key to both setting a budget and looking good to sellers.  Being pre-approved means a loan underwriter has examined our financial credentials and, barring any issues with the home's condition or appraised value, confirms you qualify for a certain mortgage amount.

3.  You may qualify for assistance programs.  Lenders often offer or are able to be a part of larger mortgage programs that make it easier for you to purchase a home - whether it's a down payment assistance program, a grant for the purchase price of your home or another form of monetary assistance.

4.  Next are offers, going under contract and due diligence.  Once you've found the right house, naturally it comes time to make an offer and begin negotiations.  Those leading the boot camp can provide details about this part of the process that are specific to your state or city, as local laws can have a significant impact on each part of the process.

5.  Closing and beyond.  In an overview of homebuying, the natural end seems to be when you close on your home and take possession of the property.  But there's so much more to homeownership that can serve as an unpleasant surprise if you're not ready.

Check out the full story here:
https://www.cnbc.com/2017/08/02/housing-demand-strengthens-but-heres-why-some-buyers-are-giving-up.html

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