A number of first time buyers tend to make mistakes when they go about buying their homes. It could be anything from them not going for one because of the misconception that there is no traditional salary structure. Since they don’t get any professional help, they have no clue about the minimum down payments and the debt to income ratios. There is nothing embarrassing about admitting that you don’t know much about buying a home.
Professionals say that you can put around 3 percent down if they go through the HomeReady mortgage by Fannie Mae. There are some other fees involved but once all the adjustments are made, you can get the mortgage. First time buyers need to do to their homework so that they can find out how they can quality for a mortgage. This is why being smart will always help them win the race and get what they want. When you learn how to be part of the system, it makes a huge difference. So read up as much as you can so you will be ready to buy your home.
Here is what you can face when you try to buy your first home.
Property Manager MA: Buying Tips
When you go alone, you can do your homework to see which neighborhoods are a good match. Google Street maps will give you a good view of the area so that you can actually see how it’s like. Shortlists neighborhoods you think will work for you. Then make an appointment with an adviser or a real estate agent to see if it’s a good idea to buy or rent it. At the end of the day they will be serving your best interests, and let you know if it’s a good idea or not to go for your first home. They will also tell you if you are pre-approved or not before you go for a home. A number of agents will not show you around till you have proven it with a loan application, pay stubs, W-2s, tax returns etc.
Most people don’t realize that just because you have been approved for a certain amount, that you should go all out. Try and live within your means by going for a mortgage you can afford. Once you factor in your mortgage, you should have enough left to spend at home every month. Another good point is that you don’t have to stick with whoever gave you a good mortgage quote. You have the freedom to look around to see who can offer you a better one.
We hope you liked our post “Property Manager MA: First Time Buyer Mistakes”.