FAQs for First-Time Home Buyers

FAQs for First-Time Home Buyers for Greater Michigan

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FAQs for First-Time Home Buyers


Whenever you are purchasing or thinking of purchasing a new home, there are a lot of questions that can come to mind. Here are some answers to the burning questions that might be on your list.


#1 Should I buy instead of rent?


Many folks think about the financial benefits that come with buying a home instead of renting from a landlord. Some of the pros of buying are that you have the freedom to do what you want with your home, whether it’s design, tax breaks and just the feeling of pride you might have from being the owner of a home. You also gain financially and learn to appreciate the value of an investment.


#2 Am I ready to buy?


Having security financially and in your job are two important things that must be talked about before discussing buying a home. Ask yourself these questions:


  • Do I have a steady and reliable job?

  • Do I see myself in this steady job for a number of years to come?

  • How is my credit?

  • Am I on time when paying important bills?

  • What sort of long term debts do I have?

  • Can I afford to pay a mortgage, taxes, utilities, etc.?


Asking yourself these questions may steer you in the right direction. 


#3 Do credit scores affect my ability to buy a home?


Credit is a peek into your financial history. It gives you a score based on a number of things, like your ability to pay bills on time. Having a lower credit score doesn’t mean you can’t get a loan to purchase a home, but it will mean that receiving a loan will take longer than usual.


#4 How much do I need for a down payment?


Discussing all of your concerns with your real estate agent is a good idea. For a down payment on a home, lenders estimate that a first-time buyer should have a down payment between 5% and 20% of the total price of the home. This is another part that can change and is dependent upon the market at the time and type or length of the loan you require.


#5 How do I get the best mortgage?

There is a lot of time that can be spent trying to find the best mortgage rate out there. Research can be time consuming and your dream home might not be around by the time you decide you’re ready to buy.


For information about mortgages, contact the Better business Bureau and the National Association of Mortgage Brokers.


Summary


Buying a home for the first time is an exciting experience, but it can also be stressful! Be sure to maintain contact with your real estate agent and your bank. Don’t settle on your home, find the one that is perfect for you and make it yours! 



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