Posted in: First time homebuyer tips, Buying a home, Getting a mortgage

Three tips every first time homebuyer should know

Three first time buyer tips

Rates and prices are low but rising – it’s a great time to be a first time homebuyer, provided you’re ready to move in this tight market. Follow these three tips to prep for first time homeownership.

Get credit information in line

First-time homebuyers should request a copy of their credit report. This should be one of the initial steps they take when buying a home. This report will let you know where you stand financially and better yet, it will help you clear up any unknown issues you may have with your credit.

''You'd be surprised," Mary Malgoire, founder of Family Firm, told the Boston Globe. "Your parents might be on there, your cousins. It's really important to clean it up before you start this whole process.''

Find a good real estate agent

One of the best things you can do to streamline the process when buying a home is to find a reputable real estate agent. At Edina Realty, all our agents are licensed as REALTORS®, which means we uphold a set of ethical guidelines that focus on putting your needs as a buyer first. Whether getting you into more open houses or just having someone to talk to, an Edina Realty agent will be invaluable to you.  

Get preapproved on a mortgage

In today’s low inventory market, qualified buyers stand out. Speak with a home mortgage consultant to get preapproval on a mortgage. A preapproval is a written letter from your lender that tells you, real estate agents and home sellers how much you can borrow, and that you have acceptable credit. A preapproval could give you an edge over other buyers in multiple offers or negotiating situations, because the seller will know you are qualified to buy the house.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings