Ignite FB Tracking PixelHere are Five Steps to Owning Your First Home - Cindy Poulsen Real Estate

Here are Five Steps to Owning Your First Home

by Cindy Poulsen Real Estate 10/05/2018

Buying a home is a process that can seem daunting and even a little scary to most first-time buyers. After all, being a homeowner is a huge financial and personal responsibility.

To make this lengthy process a bit more approachable, we’re going to break it down into five steps. While these five steps may be somewhat different for each person, depending on their own unique situation, they do comprise most home buyer’s experience.

If you’re interested in learning the steps you’ll need to take before owning your first home, read on.

Step 1: Know your long-term goals

Before you buy a home, you’ll want to have a clear understanding of what you, your spouse, and your family want from the next five or more years. You’ll want to make sure the area you’re moving to can provide things like career advancement and opportunity, good schools for your children, and so on.

These questions may seem obvious, but it’s an important conversation to have before making the long-term commitment of owning a home.

Step 2: Your budget and your needs

It might be tempting to hop online and start shopping for houses, but first you should get a clear idea of the size and cost of the house you’re looking for. This involves determining your budget, thinking about your credit and planning for your down payment.

Step 3: Mortgage pre-approval

Getting preapproved for a mortgage can be a great way to gauge the interest late and loan amount you’ll be approved for. You’ll need to gather paperwork, including income information (pay stubs), tax returns, and W-2 forms.

Be aware that lenders will run a detailed credit report. Since credit reports count as an inquiry, they can temporarily lower your credit score by a few points.

Applying to several lenders within a short period of time can make a significant impact on your score. However, it will start to rise again within a few months if you don’t open any new credit accounts or take out other loans.

Step 4: Get an agent

Real estate agents know the ins and outs of the home buying process better than anyone else. They’ll be able to guide you through the process and provide you with information that you can’t get anywhere else.

Step 5: Pick the right home for you

Now it’s time to start home shopping. However, before you begin, remember that getting approved for a loan doesn’t mean you must or should seek to spend the full amount on a home.

Plan for your needs, and keep the future in mind. Someday you might decide to upgrade, but in the meantime you can be building your credit and building equity in a smaller or more frugal home.

About the Author

Author
Cindy Poulsen Real Estate

Hello! I'm Cindy Poulsen and I'd love to meet you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, I would love to be an advocate for you and turning your home ownership goals into reality. I'd love to put my real estate experience to work for you!

I decided to get into real estate because I saw and experienced a lack of service, attention to detail and just sub-par business practices. I did not want to pay someone the amount of money I was paying and have that kind of service. I KNEW I could do better and I set out to make a real estate business based on good work ethic, genuine concern for individuals, a high level of service, services like staging, housecleaning and professional photography included at my expense and a continued friendship with my clients. I was not interested in transaction type of relationships, I want to be in for the long haul! So that is what my work ethic and business are built on. In short, I wanted to offer "Nordstrom" type services and be so good at it that you couldn't help but tell your friends and relatives. I have been offering this service and continually honing it since 2008. If you don't believe me, click here and see what a few of my past clients have to say about me. http://www.zillow.com/profile/cindypoulsen/

About me personally: I live in Eagle, Idaho with my husband, Glade and Golden Retriever, Lily. We have 7 children & 14 grandchildren (combined efforts)! I grew up in Glendale, Arizona and lived there until 2006 when we made the move to Idaho. I LOVE Idaho. The outdoor lifestyle, the 4 seasons and the mildness of them, the smell of the river in the air, the amazing, the safe neighborhoods, friendly people and the camaraderie of the community.  

I love spending time with my family in various ways, I enjoy working out at Orange Theory Fitness and Eagle Yoga, I love to travel and I honestly love my real estate career. I believe in real estate and my personal investments are VERY heavy in the real estate arena. I love eating and shopping local and would love to share some of my favorite spots!