3 tips to consider when purchasing your first home in Kirkland
Purchasing your first home in Kirkland can be daunting, partly due to the responsibilities it brings. This will be one of the biggest investments you will ever have to make in your life, so you will need to do your research when it comes to financing the property.
“Owning a home is a keystone of wealth — both financial affluence and emotional security.” ~ Suze Orman
Here are some tips on how to start purchasing a home.
1. Choose a home that suits your circumstances
You will need to choose a home that you can afford if you are a 1st time home buyer. Evaluate your lifestyle and ask yourself what type of home you want to move into. For example, the type of home you will end up buying will depend on various factors such as your budget, and how many people are moving in with you.
Are you moving with family? A partner? Pets? You will need to choose a home that will suit everyone who is moving into the property, and one that has ample space and is situated closely to your work and other local amenities. Use property websites to find the best homes in your area – these will provide you with the 1st time home buyer education that you need. You can even sign up for text or email alerts when new properties come onto the market that match your criteria.
2. Apply for a home loan
Applying for a home loan is one of the most important parts of the home-buying process. Get an estimate of closing costs from your lender, and as what type of mortgage your loan provider has selected for you, including information on prepayment penalties, rate, terms and conditions, and any additional fees.
Compare the costs of this loan with over lenders – a price comparison website will allow you to compare and contrast different financial services offered by a wide range of different banks and lenders in your area. You might also want to negotiate fees.
3. Find your down payment
Find out how much your down payment is from your lender, and ask when you need to pay this money. You might need to ask friends and family to help you if you don’t have enough savings, or are unable to make up the payment in time. You might be interested in applying for a zero down loan instead – a type of finance where no deposit is required. However, these type of loans have strict criteria and not everyone will qualify for one.
There are also a number of down payment assistance grants which might be able to help you if you meet certain criteria. Remember to review all loan papers before closing – make sure the final loan amount matches the price you were originally quoted.