The search for your first home can be stressful. Finding the right one is no cakewalk. You look at dozens of houses and neighborhoods, trying to find the perfect fit. And that’s only half the battle. If you’re looking to buy your first home, here are some tips to help you through the process.

Have a good grasp on your credit: Your credit score is of the utmost importance when trying to buy your first home. It can drastically effect your interest rate and even prevent you from getting the loan altogether. Make sure you credit is in good shape before you start the journey to purchasing your first home.

Figure out how much home you can afford: Imagining yourself in the empty mansion across town is fun, but be realistic. Look at your budget, find out how much extra money you have at the end of each month (add your current rent & utilities to this total), and you’ll have a good idea of what kind of mortgage payment you can handle. If you’re going from an apartment to your new house, remember to factor in the difference in utilities, taxes, insurance and any unexpected expenses that could pop up along the way.

Sort out the needs and wants: It’s good to make a list of the things you NEED to have in your new house, and the things you WANT to have in your new house. When buying your first home, it’s important to remember that you may not necessarily be buying your dream home. You can definitely find a home that meets a lot of the criteria on your checklist, but know you may have to give up a few of your wants in order to find a home that fits your budget.

Find the right realtor: Your realtor’s job is to help you out on this nerve-wracking journey and make the process as easy for you as they can. Pick a realtor who makes you feel comfortable and knows what they’re doing. If they don’t seem to care about meeting your needs, find someone who will.

First Financial offers a number of great mortgage options, including refinancing – click here to learn about our 10-, 15-, 20-, and 30-year mortgage features and see what a good fit for your home is!*

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

Article Source: John Pettit for CUInsight.com