IN Brentwood-Baldwin-Whitehall Summer 2018 | Página 38

Real Estate Special Section
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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2. Mortgage rates and tax limits.
Unfortunately, not all news is good news for first-time buyers.
Mortgage rates are predicted to continue to rise in 2018,
expected to reach 5 percent toward the latter half of the year.
In addition, new tax laws that went into effect at the beginning
of the year have new limitations. Be sure to look into mortgage
interest deduction and other tax deduction limits that may affect
your taxes for 2018.
3. Agent.
Having a real estate agent in your corner for a first-time purchase
is key. Agents will not only help you navigate the home-buying
process, but can also be a valuable resource for an inside look
at new homes that go on the market. This gives buyers the
opportunity to view homes that may not have made it onto real
estate websites for public viewing.
4. Location.
Your dream house may not be in your dream location, and your
dream location may not have your dream house. Don’t get stuck
in a rut if you’re not seeing everything you want in your price
range. Typically, you’ll need to make some compromises with
your first home. Keep a few non-negotiables in your back pocket,
but otherwise be open to the idea of putting some of your own
upgrades and changes into a home that may not have everything
on your wish list.
2857 Washington Road, McMurray, PA 15317
724-941-1427
36
724.942.0940 to advertise
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