With depressed real estate markets across the country and an often confusing process, purchasing a home is a much scarier prospect than it used to be for first-time home buyers. Knowing the steps to take to get you to your goal is essential. Here is a road map to help you prepare to buy your first home.
When it comes to buying a home it seems like you have to put the tail before the dog. In other words you should figure out how much house you can afford and a lender who will loan you money at an attractive rate with good terms before you go house hunting. Some people are lucky enough to have generous parents or grandparents give them the cash they need for a down payment while others find a seller willing to help them with closing costs. Continue reading “Tips for Buying Your First Home”
Lenders are a lot more cautious these days making buying your first home with bad credit seem like mission impossible. Trouble is circumstances have changed in the past few years with new loan limitations making it harder for people to get loan approval. While there are things you can do to maximize your chances of getting a loan, you should ask yourself some tough questions before investigating loan options.
First, consider if buying a home is good for your financial situation. Owning a home can be a lot of pressure with costs like homeowners insurance, repairs and property taxes many first time homebuyers have not had to pay before. Buying a home is one of the biggest lifetime investments many people will make. So you’ll have to do some soul searching to determine if owning a home is right for you.
Continue reading “Buying Your First Home with Bad Credit”