The Best Money Saving Tips for First Time Home Buyers
Posted on May 3, 2018

Bohemia Blog by Agent Brian Letendre

By: Brian Letendre

One of the most amazing aspects of working in real estate is the impact I have on people's lives, especially first time home buyers. Buying a home is unlike other purchases. There are so many variables and moving parts that it can be easy to overlook very important steps that will set you up for success. That's exactly why I thought it would be a good idea to present my best money saving tips for first time home buyers.

Put off any major purchases, pay off outstanding credit cards, and check your credit. Having good credit and a low debt to income ratio will not only ensure that you get the loan you want, but it will also affect the interest rate you pay and your board approval should you buy in a Co-op.

Get pre-approved and find out what your purchasing power is. If you're buying in a co-op (and sometimes a condo) you'll also need to fill out a REBNY financial statement. Having these docs in place carries weight when you put an offer on a property. Some sellers won't even consider an offer without a pre-approval or financial breakdown so you'll need them eventually anyway.

Shop for financing as diligently as you shop for a home. Do the math. Saving even half of one percent on a mortgage rate can save thousands and even tens of thousands of dollars over the life of a loan. You also want to lock in your rate now. Interest rates may be on the rise so the sooner you can lock in: The better.

List your “must haves” and “deal breakers”. Write down what traits your first home must have and list what your deal breakers would be. Include the price range it must fall into and stick with it.

Nerdy Tip:

Knowing what you want, what you can afford, and the significant role financing plays in the process will go a long way in helping you save money. Talk to a broker and make sure you're represented from the beginning!

If you're interested in becoming a successful real estate agent via Bohemia Realty Group’s real estate agent training program, I want to hear from you! Come learn why everyone’s talking about how hot it is uptown.

If you're interested in joining The Letendre Team or interviewing personally with Brian, click here: Interview with Brian