Buying a home for the very first time is a huge step for any person who’s had an interest in becoming a homeowner, whether it’s a home for themselves, a house to flip, or a house to rent out. While the shows on HGTV make it look easy (and entertaining), there’s so much more to buying a home than just looking out for what’s perfect for you. There are a lot of steps going into it, and it’s important to be prepared.
At Polam, we understand that many of our members want to be homeowners. Here are a few things to consider before taking the big plunge.
Look into what you can afford.
As any veteran homeowner can attest, there are a lot of unexpected costs that come with buying a home. Aside from the cost of the home, you have to consider the costs of insurance and closing costs, the latter of which can cost three percent of your home’s price. It’s important to keep this in mind as you go through the process.
The fun part: house hunting!
Whether you’re going online and looking at listings, or you’re driving through local neighborhoods looking for “for sale” signs, looking for your ideal home can be truly exciting. However, in this process, it’s important to not go by your emotions, but rather your instincts. When you’re beginning house inspections, it’s important to ask questions and take notes so you can keep track of what you like and what you dislike. If you feel like you’re being overly idealistic, bring a friend or relative to join you so they can share their input.
Spend some time in the neighborhood and get to know the vibe.
This is important, because you want to make sure of the vibe and traffic patterns of the neighborhood before you take the big plunge. Take a quick drive through as though you’re headed to and from work to see if the traffic is tolerable, and sometimes it’s good to see if a school is nearby so you can gauge your expectations regarding noise and traffic before and after school.
Talk to our loan specialist about a mortgage loan.
Polam offers our members both fixed and adjustable rate mortgage loans to help them secure their ideal home without hassle. The application process is simple (just visit our website to apply online), and our loans come with low closing costs, no points or prepayment penalties, and competitive interest rates compared to big banks.