First Steps to Buying Your First Home
Ready to buy your first home? Congratulations! Buying your first home is an exciting step toward a more secure future. As experienced real estate professionals, we’d like to offer some smart tips to help you get off to a strong start with your home purchase.
1. It’s Never Too Early to Start Saving
Making your down payment is an important factor in what you can afford when shopping for a home. While 20% is the normal rate for a down payment, several loan programs with CityWorth Mortgage have little to no down payment! For instance, with an FHA loan you can pay as little as 3.5% down. Saving up for your down payment or planning for how you will afford it is crucial when preparing to purchase your first home.
2. Think About Location
They always say the three things that matter most when shopping for a new home are location, location, location! Think about what you need in your day-to-day life. Do you want to be near work? Is distance between you and your neighbors important? Do you have children who will be attending public schools in the area? Consider your location requirements before you fall in love with a home in an area that doesn't meet your needs.
3. Get a Pre-Approval
Speak with a mortgage bankers about what you qualify for with your current credit score, income, and assets. Having a pre-approval can give you an advantage in a potential bidding war for your dream home. Sellers take offers more seriously if they come with a pre-approval, so call a mortgage banker today with CityWorth Mortgage to get started with your financing.
4. Remember The Closing Costs
It is important that you find an experienced real estate agent so you can pay the absolute minimum in closing costs. At CityWorth Properties, we will work with the seller so they pay for your closing costs!
5. Consider What Kind of Property to Buy
A single-family home may seem ideal, but if you prefer less property maintenance and extra amenities (and you don’t mind a homeowner's association fee), a condo or townhome could be a smarter choice.
Ready to take the next step toward homeownership? Call us today to speak to a real estate professional and get started!