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.
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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.