First Time Homebuyer 101: Everything You Need To Know

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Are You Ready To Buy Your First Home?
Are you ready to purchase your first property? Do you want to start building equity? Whether you’re a beginner investor or first time home-buyer, follow along to determine if you are ready to make an offer today:




Why should intention matter in real estate? It's a material transaction, right? Bucks for bricks. And yet, what you're looking for in those bricks, what they mean to you, makes all the difference.

Ask yourself these 10 questions to discover whether or not you are ready to invest in you first home:

What is your current credit score?
What is the extent of your current debt?
Why do you want to become a homeowner?
How long do you plan to live in your new home?
How secure is your current income?
How do you plan to pay for home repairs and upkeep?
Have you visited your local mortgage banker? 
Do you have enough money to make a down payment?
What do you understand least about home ownership?
How do you feel about being a real home owner?

If you answered mostly Yes: Congratulations! It looks like you're ready to become a homeowner
Next steps: Create a list of must-haves for your new home. Find a realtor.  And Good luck!

If you answered mostly No: You're almost there. You need to become more financially prepared.
Next steps: Create a detailed savings plan. Set up a meeting with your bank to get a second opinion.

If you are still unsure. Strive to build proper finances and educate yourself on home ownership.
Next steps: Boost your credit score. Stabilize your budget. And commit to the basics.
When you're trying to take out a mortgage or obtain mortgage insurance, lenders consider what you've got and what you owe. They take into consideration your paystubs, your bank accounts, your holdings, everything. When it comes to deciding whether or not you're a good risk, though, they look not at your wealth but at your income, and they weigh that total against what you owe — including any student loans.

So even if you're making a lot, and even if you've saved a lot, and even if you've been diligently paying off your student loans every month, it might not matter. Your debt-to-income ratio — or all of your monthly payments on your debts divided by your gross monthly income — has to come in below 43 percent.

People will try to question every stage of your house-buying experience. Most of them aren't necessary. If you're willing to make a spreadsheet, do some research and attend a lot of open houses yourself, you don't have to assemble a whole team of experts just to make a purchase.

With a little preparation, and the willingness to learn from the mistakes of others, you probably can too.


Comments

  1. Eric Anthony Devezin May 27, 2017 at 2:20 PM

    If you want to make your dream of first time homeownership a reality, you are going to have to come up with the capital to fund a down payment.

    ReplyDelete
  2. Eric Anthony Devezin May 27, 2017 at 2:21 PM

    From increasing interest rates to a lack of inventory, the current housing market suggests that buying a home sooner rather than later is a smart move.

    ReplyDelete

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