Coldwell Banker recently released a list of "Dos and Don'ts" to help first time buyers. By sharing them with you, we hope that any stress you'll feel will turn into the self-confidence you'll need.
The Dos -
Do browse the Internet for housing information (like you're doing now)
Do examine your credit standing (good or bad. If it's bad, you'll need to adjust your behavior before seeking a loan).
Do explore a mortgage pre-approval or commitment (it'll put you in a better negotiating position).
Do buy for your lifestyle (raising kids, starting a business, housing Grandma).
Do heed housing priorities (separate you "wants" from your "needs" so you know where you can compromise to stay on budget.
The Don'ts -
Don't get taken by the first house or neighborhood you see (keep an open mind).
Don't buy more than you can afford. Lenders often loan as much as conditions warrant, but that may not be what you can comfortably afford.
Don't treat your home like a stock portfolio. Homes appreciate and depreciate in cycles. Buy a home because you need a roof over your head, not for a quick profit.
Don't try to time the market. The bottom of the market always happens after the market has started turning around (that's why it's called the "bottom").
Don't sign for a confusing mortgage. Shop around for the best loan and a loan that fits you.
