5 Things First Time Home Buyers in Yakima Should Know

As a first time home buyer, the unknown can be paralyzing. You’re worried about getting approved for a mortgage, finding the right home, and facing inspection results. Not to mention the fluctuating market and taking on homeowner responsibilities. It’s overwhelming, for sure.

So, that’s why we’ve put together a list of the 5 things you need to know as a first time home buyer in Yakima. We aim to give you the confidence to move forward when you’re ready!

1.  It’s Not as Scary as it Seems 

When you’re ready to buy a home, you need the right team of people around you. You need a real estate agent who will work for YOU and not just try to make an easy sale or take advantage of your inexperience. You need someone who understands that buying a home is one of the biggest investments you’ll ever make and will help you navigate that journey with confidence and ease.

We have a step-by-step process we take you through to keep you up-to-date and informed on making the best decision for you and your family. 

2. You May Qualify for More than You Think 

One quick way to determine if you’ll be able to afford a home is to compare it to the monthly rent payment you are probably already making. Why?

When you apply for a mortgage, your lender will use many variables to determine how much they can loan you. The most obvious one is your income, credit score and the amount of debt you have, but other factors can influence how much you will be approved for.

For example, if you have a down payment saved up, that could help increase the amount of money available for your mortgage. 

3. Get Pre-approved with a Great Lender 

This is THE BEST way to get started! To make an offer, you need a pre-approval letter for sellers to take you seriously and in order to compete, if need be! To get pre-approved, you need to find a great lender! Don’t be afraid to shop around before landing on the best option. 

This step can take a little time, especially if you want to know about all the available programs that may benefit you. On the other hand, you can get pre-approved in one day, if you are working with an efficient lender and you are able to get all your paperwork to them. 

When shopping for lenders, look for one that:

• Teaches you how all the financing works
• Educates you on all the lending options and programs 
• Helps you understand all the terminology 
• Has a great relationship with your Realtor (not a necessity but helpful)

We have reliable lenders we love to work with! Check them out here!

4.  Understand the Process 

You’ll want to know how it works when you’re trying to buy a home and what happens after your offer gets accepted. Again, this goes back to having the right team in place. When you have a lender and Realtor on your team working to give you the best service and keep you informed with great communication, you’ll have a much better experience than figuring it out all on your own.  

We always review this handy-dandy buyer’s guide from the beginning, so you know what to expect and have all the tips and tricks. 

5.  There will be Surprises Along the Way 

A lot of home journeys are just that, a journey. Sometimes it takes months to find the home you like and hopefully love. You may get beat out by other offers and lose out on a house (or houses), and sometimes the inspector finds scary or unexpected items. Hiccups can even happen at closing. 

But, in all of it, just know there are solutions to every problem, and that’s why you hire a great agent and lender to represent you. So, although it can feel like a roller coaster, just buckle in and hold on tight. It will be so worth it in the end! Not only to be in the home that is yours to start making memories in but to start building financial wealth for you and your family. 

Yakima Real Estate Market Update

There are some great, reasonably-priced homes on the market right now that would be perfect for a first-time homebuyer. Lenders also have some great buydown programs to help with interest rates. 

There are always options and ways to help get you into a home. However, the best time to buy a home is when it’s best for you! 

Don’t hesitate to call, text, or email anytime with any questions!

Until next time,

Mal & Joel