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What First Time Home Buyers Should Know

There are some things that all first-time home buyers need to know before making this important investment. For example, they need to determine their long-term goals and define how their future ownership can fit them. Some people just want to transform their regular rent payments into the mortgage ones, while others want to get more independence and like the idea of being a homeowner. They all need to narrow down their homeownership goals to be guided correctly. Basically, first-time home buyers need to answer a few basic questions before getting started.

What house type can suit their needs perfectly? People have a few options when buying their new property, including traditional family houses, condos, multi-family buildings, duplexes, and so on. Each one has unique pros and cons that should be considered to decide on the best one to reach important goals. Answering this question also help home buyers save money and time.

What features does their perfect house need to have? Buyers need to remain flexible in their searches while ensuring that all of their needs will be met. It’s advisable to create a list with important wishes, such as the right house size, location, bathroom and bedroom number, and so on.

How much mortgage can they get? Before they start shopping for a perfect house, they also need to understand how much lenders can give them to fund this kind of purchase. All banks consider such basic factors as regular incomes, debt sizes, and employment when making their decisions. Besides, most realtors are not willing to spend their time on those customers who don’t know how much they can afford.

How much home can they really afford? In rare cases, banks decide to provide their clients with the loans for more house than they really want to pay for, but this doesn’t mean that they are obliged to spend that much on this purchase. Some first-time home buyers make this mistake because they agree to borrow the entire amount, even if they don’t want. They end up paying higher mortgage payments and covering other unnecessary extra costs.

Do they have extra savings? Even when people succeed to qualify for the right mortgage, they still need to handle considerable upfront expenses, including down payments and closing costs. That’s why they need to have some savings to cover these costs, and they should be kept in the place or form that is easy to access.

There are some things that all first-time home buyers need to know before making this important investment. For example, they need to determine their long-term goals and define how their future ownership can fit them. Some people just want to transform their regular rent payments into the mortgage ones, while others want to get more independence and like the idea of being a homeowner.

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Assignment ID
100001673
Discipline
Type
CREATED ON
September 25, 2016
COMPLETED ON
September 26, 2016
Price
$30
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