In today’s dynamic market, prices are constantly fluctuating. For this reason, it can be difficult to determine whether or not you should buy a home or waiting. The good news is, there are plenty of different resources available to assist first time Veteran home buyers. Below, we will be going over some of the top tips every military veteran first time home buyers Should Know.
Tips for Military Veteran First Time Home Buyers
1. Understand Your Budget.
Behind Location, Location, Location the second rule of real estate should be budget.
Knowing and working within your budget is paramount to a positive and realist outcome. By factoring your budget into the equation, you will be able to make a good decision regarding which home to purchase. Get pre-qualified by contacting a trusted local lender. They will be able to advise you on VA Mortgage matters and help you set a budget.
Because most families live month to month, your lend can give you a complete picture of homes expenses you be expected to pay.
2. Pay Down Your Debt.
If you are dealing with significant amounts of debt, you will want to pay it off completely or at least significantly prior to purchasing a home. Not only will this help to boost your credit score, it will:
- will lower your debt to income ratios
- provide you an opportunity for a better interest rate
- save you thousands of dollars over the life of your home loan
3. Shop Around.
Another major thing that you are going to want to do to find the best home that fits your budget and situation is to shop around. A lot of potential home buyers like to go with one of the first few options that they find available.
You should consider three very important items when it come to shopping for a home: which Mortgage Company to use, which home to buy. On both accords, these questions can be answered by a local real estate professional. In shopping for a real estate professional, get reference and talk to your peers. This leads into tip #4. Military Veteran First Time Home Buyers should shop for the right Real Estate Agent for the job.
4. Start With The Right Realtor.
Start the process right by hiring a real estate agent. The right agent can sometime make the impossible seem easy. To save yourself a lot of time in the process, work with someone that has a experience with veterans.
You’ll want to make sure that it isn’t someone that simply looks at your budget. Instead, try to find someone that is going to take the necessary time with you in order to figure out your needs, look at ways for you to save money throughout the process, and really find and acquire the best deal for you and your family. While buying a home isn’t necessarily more complicated for those that are military veterans. It does help to have someone that knows what to look for and different ways to increase leverage or save throughout the process. Look for a Realtor with a history of working with military families in purchasing homes.
5. Utilize Technology.
Nowadays, you have all kinds of information at your fingertips. Prior to the Internet, everything had to be done offline and the process could take a significant amount of time. Today, with the help of the Internet, you are able to do all kinds of shopping online, including home shopping. By looking at real estate websites and checking out your options online, you should be able to narrow down you choices.
After narrowing down your selection of contending homes, another low tech suggestion would be to drive by them. This will save time in the process and allow you to view areas to determine the best location for your family.
- What Is A VA Loan? A Veterans Guide To Home Ownership: Posted by Bill Gassett
- 5 Questions to Ask When Hiring a Real Estate Agent: Posted by Debbie Drummond
- Home Buying Tips: Posted by Joe Boylan
- Veterans Guide to Homeownership in Central Florida: Posted by Fred Franks