IN Fox Chapel Area Summer 2019 | Page 59

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 57