Whenever I sit down with a first-time home buyer, one of the first things they want to talk about is renting versus owning.
Many of them like where they’re living and where they are in life. They have a nice apartment, they come and go as they please and if something comes along – like a plugged drain or cranky dishwasher – they just call the manager.
It’s almost like living at home but without the parents.
But anyway – while I would never try to tell any first-time home buyer what to do, I have a few standard questions that I use to help them discover the right choice for themselves.
Q. Do you see yourself moving within the next five years?
Most people lose money when buying and then quickly re-selling a home. So I encourage my first-timers to think it through – will they be in their new home for at least five years?
Q. How’s your credit score?
To my surprise, most people don’t know. But I can quickly help them find out their credit score. I talk to them about what their credit score means and ways to improve a low credit score.
Q. Do you have money saved for your down payment?
For me, this is a key indicator. They may love the renting lifestyle, but if they’ve put money away for a down payment then part of their personality is ready to make the move to owning a home.
Finally, I encourage all my first-timers to talk things over with friends and family, so they can have confidence in their decision. Homeownership can be a wonderful experience and a key part of lifelong financial security. The key question becomes – is buying a home the right thing to do right now?
First-Time Home Buyer’s Guide
If you’re thinking about buying your first home, a great place to start is with our First-Time Home Buyer’s Guide, which provides all sorts of advice, tools and tips for the home buying journey. It will give you a clear picture of what to expect all along the way. View or download the guide today for the information you need to make a sound financial decision.
Fili Sanchez (NMLS #528671) is the Vice President and Mortgage Relationship Manager for our Kearney, Riverdale, Burwell and Ord markets. He has been with Heartland Bank for 10 years and has 15 years of mortgage lending experience. He is also a recent graduate of the Advanced School of Banking. Fili enjoys participating in the community with the Kearney Area Chamber of Commerce, Leadership Kearney, Nebraska Banker's Association, and serves on the board for the Yanney Heritage Park Foundation. Outside of the bank, he enjoys spending time with his wife and three children, traveling to kids' sports activities and family vacations.
