Buy Your First Home—Even If You Don't Know Where to Start
You've decided to take the leap into homeownership...congratulations! Buying a home is one of the best financial investments you can make especially in an area as highly sought-after as Syracuse. We understand buying a home for the first time can be more than a little daunting and confusing, so we're here to make your first home purchase as easy, successful and stress-free as possible. Take some time to look around our site and learn more about qualifying for a mortgage, searching for the perfect home in Syracuse, making an offer, and the closing process.
Have any questions about buying a home here? Please don't hesitate to give us a call.
We need to talk about your mortgage. Chances are, you'll use a hefty mortgage loan to finance the majority of your home purchase. There are a lot of different options out there, and locating the one that's best for you requires a bit of research. First off, we highly recommend meeting with a couple of mortgage lenders to get pre-approved for a loan. That way, you'll know exactly what you qualify for and how much it will cost.
Below, you'll find more information about the specific types of mortgages available to home buyers in Syracuse.
The Different Types of Mortgages
There are four basic types of mortgages used by the majority of home buyers.
What Do Mortgages Include?
There are four main components to a mortgage payment, often abbreviated as "PITI."
Going Loan Shopping and Understanding Your Options
How do you find a lender? Pick up the phone and start calling! A good place to start is with your bank or other financial institutions you work with. You might also want to ask friends and family for recommendations. Local real estate agents are another great resource for lender recommendations. You'll want to talk to AT LEAST two or three different lenders about your mortgage options before you make any final decisions.
Most lenders, however, will offer you two basic types of interest rates:
The Best Way to Shop for Homes in Syracuse
You've consulted your finances, found the perfect real estate agent, and started to draft a game plan for buying your dream home. Now, it's time for the fun part: finding it! You'll want to come up with a list of everything you need and want in a home. Think about the type of housing you'd like to be in—a stylish condominium, a spacious single-family home, or a cozy townhouse? What kind of amenities would you like in your next home? Does it need to be close to the highway for your commute? Focus on the features you really need and those you'd strongly like to have, but make sure you know the difference!
As you begin touring homes, write down everything you like and dislike about specific properties. Be as detailed as you can–this will help you organize your thoughts and figure out exactly what you want in a home.
You found a home you love! Now it's time to make an offer. This is where things start to get a little tricky; you'll want to work with your agent to determine an offering price that will be appealing to both you AND the seller. You'll also want to discuss any contingencies that should be in place—like a home inspection and appraisal, particular closing dates, and buyer financing contingencies. This way, if anything falls through (you fail to qualify for a mortgage, the home inspection finds some issues, etc.) you aren't still obligated to buy the home!
What Will I Pay Upfront?
Buying Your First Home Doesn't Have to Be Hard
At least, that's what we think. Give us a call today to begin the process of finding your dream home—at your dream price. We're a professional real estate team with years of experience serving the greater Syracuse area. Allow us to leverage our expertise, in-depth area knowledge, and years of experience to help you find the home that's right for you. Give us a call today to get started.