Buying an Albuquerque home is both thrilling and a bit unnerving, especially if you're a first-time home buyer. Both experienced home buyers and first-time buyers alike will benefit from the frequently asked questions below. Before you begin your Albuquerque home search, it is recommended that you prepare yourself for the journey by educating yourself. This will ensure you are a knowledgeable home buyer prepared to make a confident home buying decision.
Questions Frequently Asked by Buyers
Q - I've never purchased a home before. Where should I begin?
Actually, you've already started the process. Fact-finding and reading articles is a great way to become a smart consumer. The highest priorities to focus on before you begin searching for specific areas, neighborhoods, or homes would be to:
- Familiarize yourself with your personal finances.
- Learn about the Albuquerque real estate market.
- Carefully review your budget and begin to eliminate as much debt as possible.
- Have a down payment and earnest money ready when the time comes to act and make your offer.
Another great first step is to request a home-buying guide. We'll provide you with a complimentary guide to homes for sale in your favorite area, all we need is a little bit of information.
Q - How do I avoid making a big mistake when deciding which type of loan to select?
Once we meet and review your finances along with your home buying needs, you should select a lending consultant. We can recommend several trusted lending professionals or you can choose your own. Having upmost confidence in your lender is important. Be sure you feel completely at ease with them. They should speak to you in easy to understand terms. Ask lots of questions and never sign any document until you know what you are signing and feel completely at ease signing it. More and more lending professionals are recommending fixed interest rate loans and interest rates are still very attractive. Of course, the type of loan best for you depends on several factors. Here are just a few:
- How much money do you have for a down payment?
- How long do you plan to live in the home?
- Do you qualify for a FHA or VA loan?
Because more homes are on the market here in Albuquerque, your choices are plentiful and the time is right for you to buy!
I Still Have Questions!
We would love to help you navigate the real estate market in Albuquerque and Santa Fe. We have an extensive array of resource for home-buyers in the area, and market expertise that could serve you well on your real estate adventure. Give us a call, or email us, so we can discuss the best ways to achieve all of your goals.