Buying your First Home: Tips from your Lawyer

buying your first home

Buying your first home is one of the biggest investments you’ll likely make in your life, and also one of the most exciting. Instead of beginning the home buying process without knowing anything about what to expect, it’s a good idea to learn as much as possible about the entire process in advance. Buying a home in Bucks County, PA is a lot more complicated than you might believe, and here are some tips from a lawyer that can help make the home buying process go as smoothly as possible. 

Determine how much home you can afford

Regardless of how much you’re ultimately approved for once applying for a home loan, you need to determine how much you can comfortably afford to pay each month. While the bank uses its own algorithm for determining how much you can pay, you need to make your own determination. Once you’ve determined the monthly payment that you can comfortably afford, it is then time to move on to the next step. 

Save up an adequate downpayment 

Traditional mortgages require a 20% downpayment on a home, but there are cases in which you can pay significantly less, which will depend on the type of loan that you apply for. If you’re going the traditional route, 20% takes many families a while to save up, because 20% of $300,000 is a whopping $60,000. So, if you’re struggling to save up the 20%, you might want to opt for another type of loan that only requires 3.5% down, but you won’t have the same perks that you would if you were to go the traditional route.

Don’t forget the closing costs

Many sellers will agree to pay all of some of the closing costs to make their offer more enticing. This can be very helpful, because closing costs can cost between 2 and 5 % of the value of the home, which could be pricey depending on how much the home costs. So, if you opt for buying a home where the seller isn’t offering to pay all or some of the closing costs, then you need to be sure that you also save up enough to cover these costs.

Seek out assistance programs

If you’re eligible, you should seek out one of the many down payment and closing cost assistance programs. These helpful programs can save buyers up to $10,000, depending on the specific program. Bank of America is a participant in downpayment assistance programs, so contacting this particular bank is a good place to start.  

Find yourself a reputable Bucks County PA real estate lawyer

By partnering with the best real estate sales attorney Bucks County PA has, you will increase your chances of having a trouble-free experience, from beginning to end. Olen Law Office is a group of Bucks County real estate lawyers that can give you peace of mind when buying a home. Even if the attorney only gives you advice on how to proceed if certain problems arise, you will realize how invaluable that advice can be. 

How a Bucks County PA real estate attorney can help you

When you’re buying a home, you’re entering into a contract with the seller, so having the best real estate lawyer Bucks County has can help immensely. While you can surely read over the contract and believe that you understand what you’ve read relatively well, the Bucks County real estate attorney can read the same contract and know exactly what it says. If something doesn’t appear fair or right, then the attorney can advise you about how to handle the situation. Without a lawyer there with you, you could end up signing a contract that you misinterpreted, which could result in numerous negative consequences.