Tips for First-Time Home Buyers

Tips for First-Time Home Buyers for Greater Michigan

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Tips for First-Time Home Buyers

When you are purchasing or thinking of buying a property, there’s a lot of questions on your mind. Here are a few answers to the most important questions that might be on your checklist.

Can I purchase instead of rent?

Lots of potential buyers think of the economic advantages that come from buying a house or condo instead of being a tenant. A few of the pros of buying are that you have the freedom to do whatever you like with your home, no matter if it is design, financial incentives, and just the pride you might have from owning a home. You also gain economically and learn to appreciate the value of investing.

Time to invest?

Economic security and job security are two central aspects that must be thought over before investing in a home. Consider these questions: Do I have a secure and predictable employer? Do I see myself in this secure job for a number of years? How good is my credit? Am I timely when paying routine bills?

Can my credit score affect my readiness to buy a house?

Credit ratings are a quick look into your monetary health. Credit bureaus give you a number derived from several things, like your ability to pay bills on time. Having a less-than-perfect financial history does not mean you can’t secure financing to purchase a house, but it could mean that finding a loan will be slower than usual.

How much money will I need for a down payment?

Laying out all of your concerns with your real estate partner is a smart plan. For a down payment on a property, lenders estimate that a first-time purchaser can have a down payment of 6%-19% of the full agreed price of the home. This might change and is dependent upon the market at the moment and repayment period of the mortgage you request. 

Moving into a home for the first time is an exciting experience, but it could also be stressful! Make sure to stay in contact with your real estate agent and your bank. Don’t settle on your first home, find the one that is exactly for you and make it your own!

With Big Moose Home Inspections, we have been in business since 2004! Our professionals have helped many Michigan customers maintain their houses – Just call our team at 800-531-0233 so we can offer support.

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