4 Things Every First-Time Homebuyer Needs to Know
Are you a first-time buyer looking to purchase a home in San Antonio? These four tips are some of the most important things you need to know.
The Right Time to Buy
You’re probably ready to buy your first home if:
- You’ve got enough saved up for the deposit
- You can meet all monthly payments associated with purchasing a house
- You have a good credit history
- You’ve been working a steady job for the past few years
- You can expect your current income to remain the same or increase
Pay More Than the Mortgage
When saving up for a home, you have to factor in more than just the purchase price. Your monthly bills include paying back the amount you borrowed, but they also include:
- Property tax
- Interest on the loan itself
- Home insurance
Make sure you’re in a position to pay all of those on a monthly basis when you go shopping for a loan.
Track Your Spending Now
Can you stick to a budget right now? Are you good at tracking your expenses and saving documents?
How you spend your money now is a reflection of what you’ll be able to afford down the road as you make monthly payments on your home.
Get Help With Your Down Payment
That initial down payment can be quite hefty. Check with different mortgage lenders to find out about interest rates and payment plans on a loan. Ask friends and family members how they managed to afford the initial down payment. Check out affordable housing government programs to see what assistance you may qualify for.
Contact Jadestone Real Estate for help in finding your dream home.
Posted on Behalf of Jadestone Real Estate