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5 Things Every First-time Homebuyer Needs to Know (What We Talk About When We Talk About Real Estate)
Dated: June 8 2021
by Jamie Wiebe
Here’s what every first-time home buyer needs to know to dive into house hunting with confidence—and with as few curveballs as possible. Whether it’s getting a mortgage, choosing a real estate agent, shopping for a home, or making a down payment, we lay out the must-knows of buying for the first time below.
1. How much home you can afford as a first-time home buyer
Homes cost a bundle, so odds are you’ll need a home loan, aka mortgage, to foot the bill, along with a hefty down payment. Still, the question remains: What price home can you really afford? That depends on your income and other variables, so punch your info into realtor.com®’s home affordability calculator to get a ballpark figure of the type of loan you can manage.
In general, experts recommend that your house payment (which will include your mortgage, maintenance, taxes) should not exceed 28% of your gross monthly income. So, for example, if your monthly (before-tax) income is $6,000, multiply that by 0.28 and you’ll see that you shouldn’t pay more than $1,680 a month on your home mortgage.
But online mortgage give just a ballpark figure. For a more accurate assessment, head to a lender for . I have a preferred lender that has helped thousands of homebuyers close on their first home!!! Please call me for more info! This means the bank will assess your , credit score, and other factors, then tell you whether you qualify for a loan, and how much you qualify for. Mortgage pre-approval also puts home sellers at ease, since they know you have the cash for a loan to back up your offer.
2. Pick the right real estate agent
3. Know there is no such thing as a perfect home
4. Do your homework
5. Know your tax credit options
The first-time home buyer tax credit may be no more, but there are a number of tax breaks new homeowners may not be aware of. The biggie: Mortgage interest deduction is a boon for brand-new mortgages, which are typically interest-heavy. If you purchased discount points for your mortgage, essentially pre-paying your interest, these are also deductible. Some states and municipalities may offer mortgage credit certification, which allows first-time home buyers to claim a tax credit for some of the mortgage interest paid. Check with your Realtor and local government to see if this credit applies to you.
My husband and I recently relocated to Justin, Texas from LaGrange, Georgia. This move gave me a chance to reboot my life and profession. I am fondly called by friends and family "Ching". My Real ....
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