What to consider as first time homebuyers:
How long you plan to live in the home.
Make sure your new home will meet your current needs, and your family’s future needs too. What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Having an idea of what you'll need will help you find a home that will satisfy you for years to come.
Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Do you have established credit, and is your credit good enough? Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, “B” lenders may still provide you with a loan, but you may be required to pay a higher interest.
To determine if you qualify for new home financing, or to see how much home you can afford, contact one of our professional home consultants today.
How will you pay down payment and closing costs?
Typically homebuyers will need some money for a down payment. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary – call us today to see if you qualify for any of the “first time homeowner” down payment programs, currently in place.
The ongoing costs of home ownership.
Maintenance, improvements, taxes and insurance are all costs that are added to a monthly mortgage payment. If these additional costs are a concern, speak to a professional home consultant who can help you create a monthly budget for your new home.
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