REAL ESTATE SPECIAL SECTION
The Choice
is Clear
What First-Time
Homebuyers Should
Know
James Roman, MBA, MA
Realtor
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.
• Raising standards
in real estate
• Extensive
academic and
professional
experience
SAVING.
Office: 412-946-4002 x124 Cell: 724-931-1803
[email protected]
experience
“Jeff Earley has been a Realtor for 23 years. He
consistently sells over 50 homes every year. He
is the number one agent in the Upper St Clair
office of Northwood Realty Services. Jeff is an
Army Ranger Veteran and he runs his business
with the same discipline, honor, integrity and
focus he learned in the Rangers. His success is
based on proven systems he has developed and
uses to help his clients buy and sell their home.
Jeff is an expert in preparing homes, negotiating,
home inspections, marketing and guiding you
through the buying and selling process.”
Say hello to the Face of Experience
-Jeff Earley
412.831.-0100 ext 3008
412.225.4553
[email protected]
www.northwood.com
44
724.942.0940 TO ADVERTISE
❘
icmags.com
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 homebuye