Today’s first-time home buyers are faced with a variety of obstacles when trying to buy their first home. Interest rates continue to fluctuate and there are signs that even more real estate may be available soon, many buyers become stressed out while finding a home and financing. Many young people are opting to move in with their parents and stay longer in an effort to save up for their first down payment.
Being in the real estate market for the first time can be really exciting but it can also be frustrating. No matter who you are purchasing a home with or for, there are some steps you can take to keep try and keep peace of mind and happy outcome.
Do Your Research
You want to make sure you aren’t wasting your time dreaming about a house you can’t afford. However, sometimes it is difficult to know exactly what you can and can not afford. Use a mortgage calculator to help you estimate your monthly payment. If you know what you your budget is use it is as a good idea as to what your monthly mortgage payments could be. Most people are surprised to find out that home ownership can and usually is affordable.
Save For Closing Costs
Typically there are some surprising costs when buying a home. The fees included at the closing of your real estate transaction, usually called closing costs, generally include appraisal and attorney fees, recording fees, title and escrow charges. Buyers can typically expect to pay 3 to 4 percent of the cost of the home in closing costs unless otherwise negotiated with your real estate agent. That means if you buy a $250,000 home, estimated closing costs will be between $7,500 and $10,000. Hiring a trusted real estate and mortgage company will make sure there no surprises during the process.
Manage debt and down payments
You may may think you need to get rid of all your debt and save up a big down payment. Reality is that there are flexible programs out there allowing you to realize the dream of homeownership. Many banks have programs that allow people with various credit histories or debt to attain a mortgage.
Real estate can be drastically different town to town. You should do a background per say on the area that your are considering living in to ensure you are making the right move.Everyone is different but somethings you may consider could be the neighborhood you are buying, sex offenders near you if you have children, school system and maybe the time it takes to get to the highway.
Spending a little time doing some research can make first-time home buying experience a lot less stressful and more enjoyable.
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