First Time Home Buying Tips
Confused about where to start the house hunting process? For many first-time home buyers, finding the home that meets your needs at the right price can be stressful, but here are some tips to make buying your first home easier with CU Network Services behind you when you decide to make that big purchase.
Know your life’s priorities. If you value escaping the hustle and bustle of the city life, a single-family home with an open yard is probably a better fit than the low-maintenance lifestyle of a condo or town-house. Don’t forget about what’s on the outside of the home, too – from the vibe of the neighborhood to the convenience of walking to restaurants and shops.
Plan for the future. Plan to stay in your home for at least five years before selling to build up your equity and break even from closing costs and other fees. It’s a good idea to consider your future needs and how your lifestyle may change in the upcoming years.
Consider the resale value when buying. Your first home may not always be your forever home. There are many factors that contribute to the re-sale value of a home, such as, the location, the square footage of the property, the age and condition of the home, including any potential repair and renovation work. Also, be cautious of customized properties that may have limited appeal for future buyers.
Put down as much as possible. Saving for the down payment is the biggest challenge in buying your first home. Spend less, save more and have a portion of your paycheck automatically transferred to your savings account. A larger down payment will allow you to secure the loan at a lower rate, smaller monthly payments, and in some instances you may even avoid paying private mortgage insurance.
Whether you’re buying your first home or making a move from your current home, CU Network Services Home Loan Specialists are there to provide you with the best possible service every step of the way. You’ll learn more about mortgage programs, including the First-Time Home Buyer Program which features a low down payment option and no mortgage insurance for qualified borrowers. Call them at 529-4599 or visit their office at 715 S. King Street, Suite 100.