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It is extremely rare for someone to wake up on a Monday, decide to buy a home and have it picked out by Wednesday. The only exception would be winning the lottery and even then you should take time to find the right house! For the rest of all the first-time homebuyers, there are some good tips to put into action to insure a successful purchase. Here’s what you should do:
Start Saving for a Down Payment
The down payment that you can afford to put done on a home will go a long way towards determining your mortgage rate. Many lending institutions are requesting at least 20% of the home’s value be put down. However, you could find lenders who allow for a lower down payment. Saving for a down payment might actually begin years before you look at your first home. That is how important it is.
Take Advantage of All Loan Options
Applying for a mortgage requires research. There might be some programs for first-time homebuyers available from the government that can provide reduced rates and lower down payments. In additional to federal programs, there might be state and cities programs to help with the mortgage. Some of these programs might be tied to specific neighborhoods but they’re worth looking into. Yes, despite what you might have heard, the government actually wants to help you buy a house. There are also special program for veterans that can be utilized as well.
Determine Your Budget
The final amount you would pay for a mortgage loan should be as close to what you’re currently paying for rent. If that number can be lower, then all the better. However, that’s not the only cost to factor in. There will also be closing costs, which could mean several thousand dollars in additional fees. Some of those costs could be covered in the loan but that means the numbers all go up. You also have to factor in homeowner’s insurance and property taxes.
After everything is closed and you’re getting ready to move in, you’ll want to bring out Junk King Richmond to your old property. This will allow you to make the move without all the junk you’ve been collecting over the years. You definitely don’t want to move into a new house and have it instantly full of stuff you’re not going to use again. First-time homebuyers can benefit from a junk clearing session with Junk King Richmond today.
