Home buyers

10 tips for first-time homebuyers

12/02/2023

5. Research your mortgage loan options
While many people think a conventional loan is their only option for buying a house, you have several different mortgage loan options available to you. These include FHA loans and VA loans. Most lenders also offer the option of choosing between a Fixed Rate or an Adjustable Rate (ARM) Loan. Each mortgage loan option has its pros and cons. Consider working with a home lending advisor to find the home lending option that best fits your unique circumstances.

12/02/2023

You can request a free copy of your credit report from each of the three major credit bureaus once a year. Alternatively, you can use Chase Credit Journey to check your credit report, dispute errors and look for opportunities to improve your score

12/02/2023

Avoiding credit altogether: While you don't want to open new accounts right before you buy a home, you need to have positive credit accounts to help you build a good score. Use your credit wisely to keep contributing to your score.

12/02/2023

Avoid common credit mistakes that many first-time homebuyers make, such as:

Taking out a new line of credit: Avoid opening new credit lines. Buying a car or opening a new credit card shortly before you apply or close on your new home can negatively impact your score.

12/02/2023

Build your credit wisely
When you’re preparing to buy a home, you need to be smart with your credit. Lenders use your credit score as a key factor to determine whether or not to approve you. They also use it to determine the interest rate and loan terms they’ll approve you for.

04/02/2023

Building your savings account now is important because there are many expenses you will need to pay for throughout the homebuying process. These include deposits, home inspections, appraisals, down payments and closing costs. Boosting your savings account now also helps you prepare for expenses that can occur after you move in, such as decorating and unplanned maintenance and repair costs.

04/02/2023

Then, look for areas in your current spending where you can cut costs. For example, packing a lunch to bring to work can cut down the amount of money you spend on food every month.

04/02/2023

3. Build your savings now
Don't wait until you've found the house you want to buy — start saving now. You can start by setting up an automatic transfer to your savings account from each paycheck. You can also use your savings account to set aside bonuses you earn at work and tax refunds.

04/02/2023

Do not forget to consider utility costs like electric, gas, water and sewer which could drive up your monthly costs. You can use our affordability calculator to help you determine how much you can comfortably afford based on your income and debt.

04/02/2023

You also need to add in the costs of any property taxes and homeowner's insurance. In addition to your monthly payment, you should also consider the cost of home maintenance, such as taking care of the lawn and yard, maintaining appliances, unplanned repairs or replacements and any Homeowners Association fees if applicable.

25/01/2023

2. Know the true cost of your new home
Make sure you know what your new home will really cost. Your true housing cost includes more than your mortgage payment. A good first start is to use a mortgage calculator to estimate your monthly payment.

25/01/2023

Take the time to consider what your current needs are and what your needs may be in the future. Then make a list of the things you need and want in your new home. Having a clear understanding of your housing needs helps you identify the most important things to look for when viewing homes.

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