Buying your first home can be both scary and exciting. But until now you have lived in your parent’s house, a college dorm, and an apartment. When you lived in these places, it was almost always an option to leave if you didn’t like the area or the landlord, or even if you didn’t like how the place felt to you. But when you buy a home, you can’t just pick up and leave if you don’t like these things. So how do you find your forever home? Or how do you even buy a home at all? By following out homebuyer’s guide!
Planning and Plenty of Research
Before we even talk about seeing a Clagett Enterprises real estate agent, it is important to decide if you can afford to buy a home. You and your partner should sit down and decide how much you are comfortable spending each month, factoring in your debts and monthly expenses. You can even use an online mortgage calculator to see if you can afford mortgage payments. Using these tools, you can find out your expected monthly payments as well as the extras that go along with owning a home: ground rent, utilities, insurance, HOA fees, and taxes. It is also important to examine your credit scores. Check your credit scores. If they could use some work, you should do some research on how to change the scores and improve them.
Savings and Pre-Approvals
Your savings account should be growing from the day you decide to buy your first home. You will need to save money for the down payment on your house as well as the closing costs associated with purchasing a home. While there are programs to help with these costs, it is important to have savings. A large amount in your bank account will show a lender that you are fiscally responsible and can be a responsible borrower. After you have a savings account and a Clagett real estate agent, you will need to apply for mortgages. Since you are a first-time buyer, you can apply to the Federal Housing Administration (FHA) for a first-time homeowner’s loan. This program helps first-time borrowers and only requires a three to three and a half percent down payment to buy a home. After securing your loan, it is time to start your house hunting with Clagett Enterprises!
First-Time Homeowners and Clagett Enterprises!
At Clagett Enterprises, we have extensive experience serving the greater Frederick area and Western Maryland, since 1987. Our team is a full-service real estate company that’s ready to help you with your real estate needs. Speak with a Clagett professional at 301-665-6009, or request a proposal for preventive maintenance here.