Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Purchasing your first home is an incredible investment for the future. If you are currently renting, you will start to actually see a return on your mortgage compared to just shelling out cash to your landlord!
Understanding equity is huge for first-time homebuyers. A portion of your mortgage is basically set aside for you to use at a later point in time. So when you make your payment, in a way you are paying into a savings account for you to earn more when your home sells or help to fund home improvement projects down the road.
Banks and lenders want your business and will compete for it. It's important to shop around for a lender who is determined to get you the best deal. It's also important to note that the lowest interests rates are not always the best option.
Although I'm sure you've heard for years that you need to put 20% down to purchase a home, I'm here to tell you that's not always the case! Depending on the type of loan you are apply for, you can show up to closing with as little as 3.5% to put down on your first home! Of course, the percentage is dependent on your income, credit, location, and loan of choice.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
She offers the highest level of expertise, service, and integrity. Monica Sample is the leading real estate agent in Sewickley and has helped buyers find their dream homes in Pennsylvania. Contact Monica today to discuss all your real estate needs.