Start Saving Now!
Don’t wait till you decide that you want to purchase a house to begin saving. Instead, start squirreling away money every month that can not only be used for the down payment but also closing costs and an emergency fund.
Research Mortgage Options
From conventional mortgages to FHA loans to VA loans there are a number of mortgage options available to first time home buyers each with their own pros and cons. For instance, FHA loans require down payments as little as 3.5% of the asking price, but typically have income restrictions attached.
Determine How Much Home You Can Afford:
Whether you are in Coppell, TX or downtown Dallas, you’ll want to purchase a home that allows you to have financial flexibility. There are a number of online calculators that can help you pinpoint how much home you can afford. Don’t forget to set aside money for additional costs like insurance. At The Select Insurance Agency, we will work to get you an affordable policy.
Choose Neighborhood Carefully!
Start by researching schools because even if you don’t plan to have children, the quality of the school district in the neighborhood helps dictate home value. Additionally, look at crime safety statistics, drive through the neighborhood and different hours and map the distance of the home to nearby places of interest like the grocery store and hospital.
Don’t Go Overboard!
While it can be tempting to look at homes that are higher than your budget because the monthly payments are only slightly higher, avoid this pitfall. You’ll want to have money on hand for when the appliances break or the roof leaks.
At the Select Insurance Agency, we know that the home buying process can be stressful so we want to make the homeowner insurance process as easy as possible. Give us a call or stop by our office for more information.
