First-time Home Buyers 101

Your first time buying a home can be an exciting—and nerve-racking—experience. Like many big decisions, preparation is key to success. Read this article for tips on preparing to buy your first home and best practices for insuring your home after your purchase.

Contact Mann & Gray Insurance Associates in Fruitland, Maryland, for further home guidance.

How Can I Prepare?

Here are some tips to help you get ready to buy your first home.

·       Save early. No matter what kind of home you’re looking to buy, purchasing a home is a significant investment. In addition to your down payment, having enough money to cover closing costs, a home inspection, move-in expenses and other costs is a crucial aspect of the process.

·       Improve your credit. Your credit score can determine if you get approved for a mortgage. It can also impact the interest rates on your home. Consider the following tips for improving your credit:

o   Check your credit score regularly.

o   Dispute errors that negatively impact your credit score.

o   Pay all your bills on time.

o   Keep credit cards open.

·       Explore your mortgage options. Most Americans require a loan to purchase their first home. There are several buyer assistance programs for first-time owners to help finance their home. Here are some buyer assistance programs to consider:

o   Veterans Affairs loans

o   U.S. Department of Agriculture loans

o   Federal Housing Administration (FHA) loans

·       Compare mortgage lenders. It can be beneficial to compare loans from multiple mortgage lenders. You may want to ask about origination fees, interest rates and if you can purchase discount points.

How Can I Protect My Purchase?

Finding the right homeowners insurance policy can help protect you from financial hardship if your home is damaged or destroyed. Most mortgage lenders will also require proof of home insurance before approving your loan. In addition to covering the physical structure of your home, your homeowners insurance can help cover your possessions, additional structures on your property, and even personal liability lawsuits.

Call Mann & Gray Insurance Associates to learn how our homeowners insurance coverage can offer financial protection.

When Should I Buy Homeowners Insurance?

It’s recommended that you begin looking for homeowners insurance after you sign a contract for your new home. This should give you enough time to compare homeowners insurance options and get quotes from multiple insurers.

Let us help. At Mann & Gray Insurance Associates, we partner with multiple insurance companies to get you the right coverage for your home. Contact us today to learn more.

Getting the Protection You Deserve

Finding the right house can be stressful. You don’t have to go through it alone. Call Mann & Gray Insurance Associates to speak to a homeowners insurance agent and get a quote today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.