Tips for Buying Your First Home

March 04, 2020

Buying your first home can be stressful, but we’ve got some tips to make it better.

  • Get pre-qualified for your mortgage. Then, only spend 75% of what you’re qualified for. Heartland Bank can pre-qualify you for a mortgage loan at any stage of the house-hunting process, enabling you to have better success when you’re shopping for your new home!
  • Buy less house than you can afford. You won’t miss the little extra square footage, and you'll appreciate the lower mortgage payment and extra money in your savings account.
  • Make as low of an offer as you can stomach. You can never negotiate downwards.
  • Put down as much as possible. 20 percent is ideal, but the more you can afford to put down, the more you’ll save yourself in the long run. Remember to look into down payment assistance programs and grants!
  • Pay for a high-quality home inspector. He or she will be worth the extra money in the long run for what they can save you in extra expenses.
  • Budget for the post-move expenses. You’ll be amazed how much can crop up that you need right after you move, and no matter how carefully you think you’ve outlined the purchase agreement, you’re going to need to make some extra purchases. Having the money set aside will help you deal with the unexpected. And on the off-chance you don’t spend the money, you’ve got a great start on an emergency fund instead.
  • Don’t go into debt to furnish your home. Kids don’t care if you spent $20 or $500 on that end table when they are coloring on it.

Ready to get pre-qualified? Find your local Mortgage Banker and let us guide you on the path to your first home!

This content is for informational purposes only. Readers should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific advice from their own counsel.