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4 Tips For Buying Your First House After College

Apr 25, 2017

For many college graduates the idea of moving back in to mom and dad's after college when they can no longer stay in their college dorm is not one they like very much. Many rent an apartment, but some realize the benefits of just buying their own home and having a permanent place of residence.

It's actually cheaper than you think to buy your first home without any risks if you know a few tips. If you are thinking about buying a home here are just a few pieces of advice to help you out.

Get Pre-Qualified

Whether you're buying a home with the help of somewhere like Fischer Homes, or you’re building a home from scratch on your own, it is suggested that you get pre-qualified for a home loan to save you time. 

You can get pre-qualified for free online or over the phone, and find out if it's even possible for you to get pre-approved for a loan to purchase a house. The only information you need to give is your current income, any debts you may have and your assets. 

By supplying this information, you can find out how large of a loan you are like to receive. With this loan amount in mind, you can begin your search for a home within your budget.

Get Pre-Approved

Now that you're confident that you should be able to get a loan, fill out a mortgage application, go to a licensed lender, and see exactly how large of a loan you are eligible for. 

You are going to want to remember that it's best if you can pay the first 20% to 30% down from the loan amount you receive, but make sure to save out a few thousand for moving, home decor costs and any repairs your house needs.

Have Your House Inspected and Insured

Make sure you have the house inspected. This will cost you a few hundred dollars, but it's definitely a necessity. From here, you can see how much the house is really worth and how much you will have to spend on repairs. You will also need this info when you have your house insured, which is also a pretty good idea.

Cut Costs

If you buy a house from the owner, then it will cost you less because it cuts out the cost that would have to go to the realtor. 

You can even talk to some of your friends and family to see if they know anyone that is selling. If you take the time to do some extra research and network well you can end up saving a lot of money down the road.

When buying your first house after college, you won't need to be in a school district yet, but you will want a place that cancels out the hassle of a long commute. This would cut the amount you have to pay per year for your home.

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