The most important first step for first-time home buyers is to determine their budget. This involves assessing their financial situation, including savings, income, debts, and credit score, to understand how much they can afford for a down payment and monthly mortgage payments. Knowing their budget helps buyers narrow down their search to homes within their price range and ensures they are financially prepared for the responsibilities of homeownership.
The most important second step for a first-time home buyer is to get pre-approved for a mortgage. This involves contacting a lender to review your financial information and credit history. Pre-approval provides a clear understanding of how much you can borrow and strengthens your position as a serious buyer when making offers on homes. It also helps identify any potential issues with your credit or finances early in the process.
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