{"id":35439,"date":"2019-04-23T11:26:52","date_gmt":"2019-04-23T19:26:52","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=35439"},"modified":"2023-03-17T08:47:36","modified_gmt":"2023-03-17T15:47:36","slug":"10-mistakes-to-avoid-as-a-first-time-homebuyer","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-tips\/","title":{"rendered":"13 Tips for First-Time Homebuyers: Your Must-Know Advice"},"content":{"rendered":"

The homebuying process can be confusing and complicated \u2014 especially if it\u2019s your first time around the block.\u00a0<\/span><\/p>\n

If you\u2019re planning to buy your first home soon, here are 13 first-time homebuyer tips to help you stay on track:<\/b><\/p>\n

    \n
  1. Know what\u2019s on your credit report<\/a><\/li>\n
  2. Set a budget<\/a><\/li>\n
  3. Save for a down payment in advance<\/a><\/li>\n
  4. Understand the hidden costs of homeownership<\/a><\/li>\n
  5. Get pre-approved before you make an offer<\/a><\/li>\n
  6. Look into programs like FHA, USDA, and VA loans<\/a><\/li>\n
  7. Check out first-time homebuyer programs<\/a><\/li>\n
  8. Compare rates from multiple lenders<\/a><\/li>\n
  9. Keep your credit stable<\/a><\/li>\n
  10. Don\u2019t empty your bank account<\/a><\/li>\n
  11. Get a real estate agent<\/a><\/li>\n
  12. Find a good home inspector<\/a><\/li>\n
  13. Vet the neighborhood<\/a><\/li>\n<\/ol>\n

    <\/a><\/p>\n

    1. Know what\u2019s on your credit report<\/h2>\n

    When evaluating your application for a mortgage<\/a>, lenders look at more than just your credit score. They also review your credit report<\/a> to evaluate your payment habits, balances, and overall financial health.<\/p>\n

    Both of these items \u2014 your report and your score \u2014 will help your lender determine what interest rate you\u2019re eligible for. Generally speaking, the better your credit is, the lower your rate will be.<\/p>\n

    Tip:<\/b> To make sure you get the best rate possible, review your credit report regularly and adjust your habits accordingly. If you see errors on your report, alert the credit bureau, as it could improve your score.<\/div><\/div>\n<\/a><\/p>\n

    2. Set a budget<\/h2>\n

    Carefully review your finances \u2014 including your monthly income and debts \u2014 so you can get a feel for how much house you can afford.<\/p>\n

    Here are some general guidelines to follow:<\/p>\n