A Short Guide for First-Time Home Buyers
Do you feel a bit overwhelmed when you think about buying your first home? Local real estate professionals want you to know that your feelings are perfectly natural. When the time comes, you want to be sure you are making the most of your time and money.
Here are some tips from the Broward, Palm Beaches & St. Lucie Realtors® to help you feel more confident about your decision when purchasing your first home. Take a look at how to save more money and budget wisely to make your money go further.
Saving money in the long run starts at the beginning of the home-buying process. Exploring first-time home buyer assistance programs is an important step in the journey to homeownership. First-time home buyer assistance programs can help those looking for a home in a particular area or can even help folks with certain professions like educators, first responders, renters, active-duty military, and veterans. Not only that, but some programs offer down payment assistance that can help with closing costs, interest rates, and tax credits. Check out the U.S. Department of Housing and Urban Development or Florida Housing. These sources can provide you with programs to assist with down payment, closing costs, and special loans. With much to uncover, research these programs and see which one is best for you!
Another important topic to touch on is your mortgage. Realtors® have a wide network of contacts and can help you connect with reputable mortgage brokers in your area. As a first-time home buyer, a mortgage broker can assist you in shopping around for the best rate and terms for you. By looking into this before you start house hunting, you can grasp a better sense of how much you can afford and information on the approval rates. Rates can often change, but the lower the rate, the less you will have to pay on the mortgage. You can always stay competitive and ask how you can improve your rates.
David Kuiper, VP of Dart Bank, gave some helpful advice to home buyers during a recent interview with NerdWallet, “When you apply for your mortgage, it may make sense to divert some of your intended down payment to cut the higher-rate debt first. Even though the mortgage payment will be higher, the total debt or number of payments can be lower, making the purchase more affordable.”
When you are ready to purchase a home, leveraging research is the best tool to advocate for yourself, and your Realtor® can guide you in the right direction. By connecting with reputable sources and doing a little digging on the web, you can find ways to save money and feel confident about your decision.
Samantha Minns
RWorld Content Writer
✉️ Email
Sources: Bankrate, NerdWallet