Combine & Save . Combine
& Save .
Combine
Mike Budinsky , Agent
& Save . Combine & Save .
Combine & Save .
Irene Richmond
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Your Black & Gold Realtor
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REAL ESTATE SPECIAL SECTION
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 conventional mortgage loan ). You may not need the typical 20 percent down that was required of homebuyers a few decades ago . If your debt-to-income ratio is high , you may not have to worry . Mortgage companies are making it easier for borrowers with more debt to still qualify .
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