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3 important steps to take before buying your first home

On Behalf of | Feb 1, 2023 | Real Estate Law

For many people living in Pennsylvania, a home proves to be the largest purchase they ever make. If you count yourself among those looking to invest in real estate and buy your first home, there are certain steps you might take along the way to streamline the process and, ideally, save yourself some time and money.

According to NerdWallet, the following are some of the steps you might take to find success in your local housing market and find a home of your own to live in.

1. Research your options

Contrary to popular belief, not everyone has to put down 20% to buy a home. Loans backed by the Federal Housing Association typically have lower down-payment requirements. You may also be able to put down a smaller down payment if you are a current or past member of the military.

2. Get your finances ready

You also need to be able to prove that you have enough money available to you to stay on top of your mortgage payments after buying a home. When you start the process, check your credit score and take steps to raise it, if necessary. Do whatever is possible, too, to reduce your debt-to-income ratio ahead of making an offer on a home.

3. Have a home inspection performed

Resist the urge to waive the home inspection. A home inspection gives you vital information about the state of the home you are thinking about buying. It may also help you negotiate a lower price if the inspection revealed substantial issues or defects.

Taking these three steps should raise the chances of you getting a loan, finding a quality home and making an impression on potential sellers who may have several buyers to choose from.