For the first time homebuyer, it is one of the biggest financial steps that they are ever going to take to buy your first home. Surely for many, it will be a daunting task, but it doesn’t have to be. Thus, you need to take the decision very seriously. From making your house a blessing to a wonderful experience, for all this, you need to get yourself prepared. These are a few steps for the first-time homebuyer to keep it an easy go while buying home.
Determine if you are Ready
First, make sure that you are prepared or not, as homeownership is a lot more expensive than renting. Get yourself prepared for paying repairs, utility costs, and paying taxes and insurance.
There are different loan types and payment options available for a mortgage. A fixed-rate of 15%-20% a year loan is considered the best option. You should be careful while considering creative financing to cover your down payments.
What can you Afford
According to a good rule of thumb with your taxes and insurance keep your mortgage between 25%-30%. You may not be able to meet your daily obligations if you spend too much on your mortgage. For credit holders, it is suggested that youkeep house payments on a lower end. If you over commit, this could result in a very stressful and unmanageable time.
Identify a Good Realtor
Last but not least; when you are not quite sure about the real estate market then you must get in touch with a reliable realtor like Laura Wucher. They are experienced and have a network to suggest you the best opportunities matching your budget. They can also suggest you for ‘active buyers‘ who are ready to sell their property at a lower cost.
Should you be a first time homebuyer and are wanting to buy your first home, reach out to the Laura Wucher Team.
With many stay-at-home orders still in effect across the country, more things are being done virtually. All business industries have been affected by the pandemic, including real estate. Virtual tours...