Daydreaming about buying your first home? We’ve been there.
Let's make that dream a reality.
False. There are loans that require as little as 3% down.
Wrong. It doesn’t have to be. A Home Loan Specialist can help you simplify the process.
Nope. You need to live in a property an average of 1.9 years to break even (to make it worth buying instead of renting and investing elsewhere).
Get an understanding of homeownership through the use of helpful resources. You’ll be better for it, believe us.
Look through different home styles on Pinterest so when it’s time to decide, you can narrow your choices.
Think about what you want for the future. A family? Short commute? Ask yourself these questions now.
Demonstrate 2-3 years of steady income before buying a home. This type of stability is a must-have.
We get into what they are later on.
Create a breakdown of your expenses.
Develop a weekly or monthly budget (and stick to it).
Create a fund that you contribute a set amount to each month and watch it grow.
Cut down on indulgences. You know what we mean – coffee, eating out, happy hours. You’ll survive, we swear!
Get organized.
Put important paperwork in one place so you can easily reference it.
Understand your finances.
Know what your current financial responsibilities mean for your future as a first-time homebuyer.
Do the research.
Get familiar with the jargon surrounding homebuying and finances.
Check your credit.
Start working on building this up if needed.
This might include utilities, student loans, and more.
Remaining in good standing with your car payments is a solid way to build credit.
Any more than this could negatively impact your score.
Contact a Realtor.
Get recommendations from friends and family so that you can choose one you trust. A realtor will help you navigate the homebuying process, helping lead you toward the home that’s right for you.
Do it Yourself.
If you’ve been daydreaming about your first home, you’ve probably perused the resources available for homebuyers. It’s time to use those to their highest potential so you can start the search on your own.
Inspection charges
Appraisal fees
Underwriting costs
Escrow deposit
(This is often put into an account and managed by your mortgage servicer.)
mort•gage
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noun