If you are thinking it might be time to buy your first home , here are three things you need to know as a first time home buyer as you enter the world of real estate and home shopping.
Good News! As the Buyer, You Don’t Pay your Real Estate Agent’s Commission
Often, I am asked by first time home buyers, “How much are your fees? When and how do you get paid?”
As a Summerville & Charleston realtor, I am paid by the selling side of the transaction. When the home owner places their house on the market, they agree to pay a commission. The selling agent, (typically), splits this commission with the buyer’s real estate agent. I still represent you completely, but my bill gets paid by the other real estate agent.
Need help finding an agent? Take a look at Real Estate for Sale in Summerville, SC.
Monthly Mortgage Payment…Is It Comfortable for You?
Your first step, once you decide to buy a home for sale in Summerville, is generally getting pre-approved for a mortgage. This is a vital part of the process and before we even begin looking at those beautiful houses for sale in Summerville, you need to have that pre-approval letter in hand.
Once you meet with the mortgage broker, they will help you figure out how much house you can afford and the dollar amount may surprise you. It is important to remember that there will be a range that you can buy in. Just because you CAN afford a $300,000 house, doesn’t mean you necessarily should.
Make sure that you look at your down payment amount, credit score, current mortgage rate, taxes and insurance and how that will all translate to your monthly payment. Is that monthly number good for you? Is it on track with a rent you’ve paying? Is it going to stretch you too thin? Make sure you are with a trusted mortgage adviser to figure out all the variables. (Your Summerville Realtor will be able to help you find a great one.)
Take The Plunge
There are going to be a lot of little (and big) moments along the way when you decide to move forward with buying your first home. There will be moments of extreme excitement and potentially some freak out moments as well. That is a big reason to work with a professional Summerville realtor who has been selling homes for over 20 years. Walking with you through the ups and downs of the process and making sure you get to the other side with a home you love is my main job!
Call today to set up an appointment – 843-974-6029.