First Time Homebuyers

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Home-Buying Process in 10 Steps

Start Looking Early

It’s important to start the research process early so you know what style of home is best for you. Check websites, newspapers and magazines. Note which styles you like, see how long they stay on the market and what their prices are.

Determine How Much You Can Afford

Lenders recommend looking at homes that cost no more than three to five times their annual income. Also consider how much your down payment will be. It’s generally 20%, but it does vary.

Get Pre-approved

It’s important to be pre-approved before you start seriously looking, so you know how much you can afford. Getting pre-approved is a simple, hassle-free process. You just need to let your mortgage banker know your income, the amount in your savings, and amount of any investments you have.

Find the Right Real Estate Agent

Real estate agents are an important part of the home-buying process. Buying a home can be a long process, but having a real estate agent helps make it so much simpler. Being on this site is a good start 

 

 

 

 
Sioux Falls First Time Homebuyers Tips
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A place for people in the Sioux Falls area to ask questions and get answers on the tips & tricks to first time home buying.