Ready To Buy Your First Home? 3 Pearls Of Advice To Ease Your Nerves
Saturday, November 11, 2017, 6:00 AM | Leave Comment
Buying a home is definitely at the top ten of the most exciting moments in one’s life, yet it can also be nerve-racking and costly if one does not do his/her homework. Hidden fees can stack up and lead to unexpected costs.
Necessary repairs and replacement parts may also be overlooked, which ultimately result in expenses straight out of your pocket.
For aspiring homeowners who are in the market for a house, here are three pearls of advice that can minimize the stress of buying your first property.
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Only Buy What You Can Afford
This entails taking an objective look at your personal finances and figuring out your credit score.
How much do you make per year and how much of it is paid out to rent, existing loans and debt, utilities, and other expenses?
The final amount is what you should use as your baseline or floor when shopping for mortgages.
Ideally, first-time home buyers should already know how much they can spend on a property prior to approaching mortgage companies.
Figure out your debt-to-income ratio and factor in a comfortable down payment and monthly payment.
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Explore Your Options
If you’re struggling to come up with cash for a down payment, know that there are several options to make that first payment for your future home.
First-time homeowner programs are abundant, such as Fannie Mae and Freddie Mac federal mortgages that let you finance properties with only three percent down.
FHA loans also offer similarly low rates for down payments while Veterans Affairs loan programs sometimes require zero down payment.
There are many different options for you to consider, and it’s important you consider all of this while trying to decide what you’re going to do.
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Consider New Custom Home Construction
If you can’t find the right house, you can build one from the ground up with the help of professionals, like Genuine Home Builders Inc.
These companies can draw up a blueprint with the exact specifications you want for your home.
They can also supervise every phase of home construction including purchasing materials and supplies, processing permits and documents, and working towards building your dream home while staying within the financial constraints that you’ve specified.
Now that you’ve calmed your nerves, you’re one step closer to getting the perfect home for you and your family. A house is a huge investment, probably the largest one you’ll make, so it makes practical sense to exhaust all your options and prepare thoroughly.
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