FIRST TIME HOME BUYERS
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First Time Homebuyers – What Is Needed To Purchase a Home There are a few basic items a first- time home buyer need to give some thought to before purchasing a home. 1) Good Credit – If you have a solid credit rating, You will need good credit to obtain a home loan. The stronger your credit rating, the lower the interest rate for the loan. If you only have average credits, you may want to apply again for a loan at a later time to get a lower interest rate. 2) Review your monthly cash flow. –You will need to have a stable job so you can pay the mortgage every month. Also, you will need to ask how secure is your job? Can you cut back on extra expenses and still maintain your lifestyle? Once you own your home, you will be responsible for property taxed, maintenance and other miscellaneous items that you will need to have a budget for. 3) Does the location you want to live in work for you? Is the home you want to purchase where you wanted to live, or are you just buying it because it is a good deal?What schools are zoned to this home? This could be where you will be taking your future children to school.Is it an easy commute to work? Do you see yourself at this location for a few years? These are the types of things that you will need to carefully think out before you purchase a home to be sure that you will be happy with your purchase in the long run.
Author: Karen Blomster