Michelle Lantz-Echnat
Vice President,
Associate Broker &
Sales Manager
412-963-6300
412-401-7240
Michelle Lantz-Echnat
412-963-6300
412-401-7240
918 Settlers Ridge Road
$1,850,000 205 Parveen Lane
$1,499,000
Molly Finley
412-427-9668 Anita Nischal
412-944-9844
514 Farndale
$499,000 37 Wood Duck Trail
$795,000
Laura Sauereisen/
Lauren Mohn
412-720-1112 Jean Bongiovanni
412-414-7085
SOLD
5404 Carnegie Street
$170,000
Patti McCaffrey
412-606-6059
SPECIAL SECTION:
Real Estate
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
100 Vista Circle 203
$625,000
Continued on next page >
Wendie Zimmerman
226 Park Square Lane
$395,000 441 Kittanning Pike Rear
$214,900
Anita Nischal
412-944-9844 Lauren Shepherd
302-379-4577
FOX CHAPEL AREA
❘
SUMMER 2019
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