The single woman’s guide to first-time home buying

Six tips to prepare you for the house hunt

Who says that you need to find your dream man before you find your dream home? Record numbers of single women are buying their first home on their own these days, and why not? Fun, fearless, financially-stable women deserve to be the queen of their own castle! All it takes is a team of trustworthy advisors to help you make the right decision. To help get you started down the road to homeownership, here are six important first-time home buyer tips to remember when searching for a place to call your own.

What every woman needs to know before buying her first home

1. Find out what you can afford

   Don’t bother looking at the local listings until you know exactly how much money you can afford to spend on a home. Remember, all of the expenses associated with owning a home will be your responsibility once the deal goes through. Make sure you know exactly what your financial situation looks like before taking the leap into homeownership.

2. Review your credit score

   Credit cards can be a girl’s worst enemy, especially if you’ve been relying on credit to get you through some serious financial struggles. The higher your credit score, the less likely you’ll be to receive an affordable mortgage rate from lenders. But don’t despair, mortgage brokers can still help you to secure a mortgage even if your credit score is less-than-perfect.

3. Get a mortgage pre-approval

   Getting income verified pre-approval for a mortgage will help ease your financial uncertainties and improve your bargaining abilities. And the best part – you can get pre-approved right now thanks to online mortgage services.

4. Review mortgage types

   There is no one-size-fits-all mortgage. When it comes to deciding on the mortgage that’s right for you, make sure you sit down with your mortgage broker and discuss all of the available options. From fixed to variable, Home Equity (HELOC) or a reverse, a knowledgeable broker can help you find the option that’s right for you.

5. Never look alone

   Buying a house is a big decision, especially if you’re doing it on your own. If you’re struggling to see the forest from the trees, stop and enlist the help of a professional realtor. A realtor will help you to understand the pros and cons of each property, and help you to handle the stress of making your first offer. When working with a realtor, remember to keep them fully informed of your budget and financial situation as this will greatly increase your chances of finding the perfect home.

6. Protect your family and investment

   The final step in your first-time home buyer plan is to make sure you have the proper Life Insurance coverage on your new mortgage. Convenient, affordable insurance can often be built right into your mortgage, so consider asking your broker about this option.

Why wait to buy your first property? Become a real estate golden girl by following the above tips and purchasing your first home as a strong, single woman!