REAL ESTATE SPECIAL SECTION
to start your must-have/wish lists. Reach out to a real estate
agent to help you get acquainted with the communities you
have in mind and the neighborhoods you can afford. If you’ve
been talking about moving, take a look at your home. Do you
have repairs to make before putting your home on the market?
You’ll want to make any small upgrades, declutter and rearrange
rooms prior to taking pictures of your home to show potential
buyers.
What First-Time
Homebuyers Should
Know
Last year was a great year for new homebuyers. According to
the National Association of Realtors, about 35 percent of the
homebuying market was made up of first-time buyers. Yet, each
year is not created equally in the mortgage industry and real
estate market. Changes happen frequently and it is often hard
to keep up. If you’re looking to break into real estate for the first
time, here are some insights into how to navigate the market.
SAVING.
Step number one for a first-time homebuyer should always be
saving. Take a look at your current finances. It’s recommended
that your mortgage payment not exceed 30 percent of your
gross monthly income. See where you can cut back spending
to put away a little extra out of your paycheck every month
for your new home. Not only can this cash go toward a down
payment, but most likely you’ll need furniture, appliances, and
decorations to furnish your new home. Don’t just calculate the
amount of money needed for a down payment. Keep in mind
the unforeseen expenses such as home repairs, agent fees and
closing costs. You can never save too much!
1. Mortgage.
Applying for a mortgage can be an intimidating process,
but if you prepare accordingly, you’ll be happy with the
outcome. According to LendingTree.com, mortgage
lenders are allowing higher debt levels for borrowers
with lower down payments (as little as 3 percent on a
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