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First Time Home Buyer? Keep These 5 Tips In Mind

Being a first time home buyer can be exciting, and a bit intimidating! If you are getting ready for your first home purchase, please follow the tips below to ease the buying and finance process.

  • Check selling prices carefully of similar homes in your desired neighborhoods.
  • Use a good mortgage loan calculator to get a better idea of what your payments would be.
  • Research your likely closing costs. The upfront costs of home purchases should never be ignored. Closing costs include loan origination fees, taxes, title and settlement fees.
  • Look carefully at your budget. We recommend that you do not spend more than roughly 28% of your income on housing. If you go beyond 30%, you could be house poor.
  • Find a good mortgage lender/provider of loan services. Many mortgage companies offer special programs for first time homebuyers.
  • Talk to several experienced realtors in your area. Do they think prices will go up, go down or stay the same in the next year?
  • Look at your credit scores. Poor credit will prevent you from getting the best loan terms, or may prevent you from buying entirely. Get a free annual credit report and look at it carefully for any mistakes or unresolved credit issues.

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