1st Time Homebuyer - Save Big & Avoid Pitfalls

1st Time Homebuyer - Save Big & Avoid Pitfalls
Embarking on your first home purchase journey can be daunting, but with the right guidance, it can also be incredibly rewarding. In this comprehensive video, Karrie Hill, a seasoned lawyer turned realtor, dives deep into the essentials of buying your first home, ensuring you're well-equipped to make informed decisions.
Karrie starts by debunking common misconceptions about down payments, highlighting that you might not need the often-assumed 20% of a home's cost. She explains the benefits of a higher down payment, such as avoiding private mortgage insurance (PMI), securing lower interest rates, and building equity faster. These insights are crucial, especially in today's market where interest rates are significantly higher than in the past.
The video also covers closing costs, which can range from 2 to 6% of your loan amount. Karrie shares strategies on how to handle these costs, including negotiating with sellers in a buyer's market. Moreover, she touches upon the importance of budgeting for moving expenses and immediate home repairs or upgrades.
Diving into mortgage options, Karrie outlines the different types available, including conventional mortgages, FHA loans, USDA loans, and VA loans. Each type has its unique features and down payment requirements, making it essential to understand which best suits your needs.
Karrie doesn't stop at just loan types; she also offers tips on how to secure a lower interest rate. Strategies like opting for an adjustable-rate mortgage (ARM), choosing a shorter mortgage term, or purchasing discount points are discussed. Additionally, she emphasizes the importance of first-time homebuyer programs that offer various forms of assistance, including low-interest-rate loans, down payment assistance, and tax credits.
Credit score management is another key topic addressed. Karrie advises on how to maintain and improve your credit score, a crucial factor in securing favorable mortgage terms. She recommends regularly checking your credit reports, paying bills on time, and being cautious with new credit applications before securing a mortgage.
The final part of the video focuses on the importance of comparing lenders and understanding the paperwork involved in mortgage applications. Karrie stresses the importance of shopping around for the best rates and being prepared with necessary financial documentation.
Karrie Hill, JD, DRE 02160215, California Attorney turned Realtor
415-435-7777
👉👉linktr.ee/karriehill
Smart - Ethical - Driven, The Smarter Way Home
🏠Certified in Real Estate Negotiation
🏠🏠 Guest on KDOW "The Real Estate Report"
🏠🏠🏠Certified Home Marketing Specialist
🏠🏠🏠🏠Relocation & Cash Offers Certified
🏆Karrie's Group did 3.5 Billion in Real Estate transactions in 2023
🏆🏆Graduated top of UC Berkeley Law
🏆🏆🏆Winner of Order of the Coif award
Book a FREE video consultation with Karrie: bit.ly/46tkjfI
Karrie’s Services: forms.gle/kVpeP7WeF5TXc3HB9
FREE Detailed Marin Home Value Report for your home: forms.gle/cTqUYroSULz8hGVw9
FREE Home Buyer or Seller Guide: forms.gle/ksPpHDLW1C9hdc2K7
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FREE Monthly Marin County Home Prices & Closed Sales Newsletter: forms.gle/cu91zZoeY86TTFpB6
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TIMESTAMPS
00:00 - Intro to home buying tips and tricks.
00:40 - Details on Karrie Hill's realtor referral service.
01:20 - Down payment misconceptions and benefits explained.
03:14 - Managing and understanding closing costs.
03:49 - Budgeting for moving and home repair expenses.
04:24 - Various mortgage types and requirements discussed.
05:49 - Ways to secure lower interest rates.
07:46 - First-time homebuyer programs and benefits.
08:21 - Improving and maintaining a good credit score.
09:35 - Preparing loan paperwork and comparing lenders.
10:50 - Conclusion and invitation to explore more videos
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