Making Cents: Here are some tips for first-time homebuyers

OF ALL YOUR HOME BUYING QUESTIONS. >> BUYING A HOUSE IS TOUGH ENOUGH. WHEN YOU ARE A FIRST-TIME BUYER, VERY TRICKY. WE HAVE TWO EXPERTS. OUR LOAN EXPERT, TALKING ABOUT GETTING FINANCING. AND CHERYL IS OUR REAL ESTATE EXPERT TO TALK ABOUT A MARKET WHICH IS CRAZY. I AM READY TO BUY MY FIRST HOUSE. NOW WHAT? >> YOU WANT TO BE PREPARED. RIGHT NOW, THERE IS SO MUCH COMPETITION. THE WAY YOU GET PREPARED IS YOU RESEARCH, YOU FIND A GOOD LENDER, YOU FIND AN AGENT YOU WANT TO WORK WITH. FIND OUT HOW MUCH YOU CAN SPEND. AND THEN START TALKING WITH YOUR AGENT ABOUT WHAT YOU ARE LOOKING FOR. THEY WILL HELP YOU TO UNDERSTAND THE MARKET, THEY WILL HELP YOU TO FIGURE OUT HOW TO GET YOUR OFFER ACCEPTED. >> CANNOT EVEN AFFORD THIS? >> ONE OF THE THINGS YOU WANT TO DO IS TALK TO A LENDER TO GET A PREAPPROVAL. THE BENEFIT IS WHEN YOU MAKE AN OFFER, THE SELLER WILL KNOW YOU ARE QUALIFIED FOR FINANCING TO BUY THE HOME. >> HOW DO YOU DECIDE NEEDS VERSUS WANTS? >> THE NEED IS THE LOCATION. THE WANT IS DO I NEED EXTRA SQUARE FOOTAGE? DO I NEED A PLACE FOR KIDS TO RUN AROUND BECAUSE I HAVE A GROWING FAMILY? ARE THE SCHOOLS IMPORTANT? >> IS THIS THE RIGHT HOUSE FOR ME? >> YOU WANT TO STAY WITHIN YOUR MEANS. YOU WALK INTO A PLACE LIKE THIS AND YOU SEE -- IT IS REALLY GREAT TO LIVE HERE. IT IS FUN AND ATTRACTIVE. >> THE KEY THING TO DO IS LOOK AT A PRICE RANGE WHERE YOU ARE GOING TO BE COMFORTABLE WITH THE MORTGAGE PAYMENT. >> HERE ARE SOME FINAL ADVICE FROM THE EXPERTS. >> WHEN YOU GO INTO THE MINDSET OF THINKING I WANT TO BE A FIRST-TIME HOMEBUYER, YOU WANT TO HAVE YOUR CREDIT AND FINANCES LOOK AS GOOD AS POSSIBLE. >> DO WHAT YOU CAN TO GET INTO THE MARKET NOW BECAUSE WE ARE GOIN