Buying your first home is an important milestone in your life. It's a huge financial decision that will help you build equity while giving you the freedom to determine how you want your home and yard to look. Summer is a great time to buy a home since plenty of homes are on the market, so why not go ahead and start your home-buying journey?

Our real estate agents outline some of the steps you'll need to buy your first home this summer:

• Start Saving for a Down Payment
  Take a good look at how you spend your money and reduce some expenses to help fund a down payment. You may have heard that you need a 20% down payment to buy a home, and while that's certainly a great goal, it's not always necessary. Some lenders will approve a loan with a lower down payment.
  
  
• Check Your Credit Score
  Your credit score is a number that reflects how you've paid your past and current debts. If you've paid your bills on time, that leads to a higher credit score and will help give a mortgage lender confidence that you'll also pay your monthly mortgage. Your score will help the lender decide whether to approve a mortgage loan for you as well as the interest rate you'll pay. Check this important number with the three major credit bureaus before you start looking at homes so you can correct any errors and work to improve your score if it has some blemishes.
  
  
• Clear Your Summer Calendar
  Summer may be a traditional vacation time for you and your family, but if you're looking for a home, you'll probably want to delay your travel plans. This will ensure that when homes come onto the market, you'll be able to view them instead of having them sell before you return from vacation. And if you have time off available from work, you can save the days and use them when you move into your new home.
    
• Get Pre-Approved for a Mortgage Loan
  Before you start looking for a home, apply to get pre-approved for a mortgage loan. You'll need to provide financial documentation for your lender to determine what size mortgage loan you'll be able to get. This not only lets you know the price range of homes you can afford but also gives home sellers confidence that your offer is a serious one that's unlikely to fall through due to financing. As a result, your offer may beat out a similar one that hasn't been pre-approved.
  
  
• Work With a Real Estate Agent
  Homebuyers - especially those who are buying their first home - need the help of an experienced real estate agent who knows the local market well. They can help you navigate the home-buying process and make sure you have the information you need to make the right decisions.
  
  
• Make a List of Your Needs and Wants
  Narrow down your home search by making a list of what you need and want in a home. Do you want a big backyard but could compromise on a smaller one? Share your list with your real estate agent, who will find homes for sale that meet as many of your criteria as possible.

Ready to become a homeowner? Contact us today to see Richmond homes for sale and Petersburg homes for sale. Our full-time real estate professionals can help you every step of the way, helping you find a house you'll be excited to call home.