We've all made big purchases. We've all scrimped and saved. Maybe it was for a new bike as a kid, a tropical vacation, perhaps a brand-new car. Well, none of that compares to buying a house.
Nothing compares to the scale of responsibilities and benefits of owning your own home. Those four walls do more than just house your stuff and protect you from the elements. When utilized to its fullest, owning a home can fortify and stabilize your finances and can help provide for your family's future.
It’s fair to say the average first-time buyer probably hasn't seen that many zeroes on a price tag that they are actually considering signing for.
The road to purchasing a home for the first-time buyer might seem dizzying at first. It’s fair to say the average first-time buyer probably hasn't seen that many zeroes on a price tag that they are actually considering signing for. While the whole process may seem daunting, we hope to make it easy and understandable.
There is a staggering amount of variables to consider…location, schools, insurance, extra space to grow if you're planning on having a family, inspections, neighbors, home condition, and more. Our advice is to create a plan to tackle one thing at a time. It won’t be easy but keep a level head and don't allow yourself to feel overwhelmed. Let's get started.
Consider what you can afford. Make sure you consider the full cost of borrowing money. That means reviewing your specific loan’s terms and asking your lender about the interest, fees, and other costs associated with your loan.
Many first-time buyers will even limit themselves to mortgages slightly below what they could actually afford.
Your next steps are vital before placing an offer on any available property.
These simple steps could help propel you along the path to home ownership. During the process it is important to remember that this is a large, life-changing purchase. There will be headaches and hurdles but all of it may culminate in one of the most satisfying accomplishments in life, home ownership.
The Consumer Finance Protection Bureau (CFPB) compiled a list of counselors that can help you in the process of purchasing your first home. Please reference their website for more details: http://www.consumerfinance.gov/find-a-housing-counselor/
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