Experts and analysts alike are predicting a busier-than-ever spring housing market. The root cause of this? Rates that are continuing to fall, and an economy that is continuing to boost, or at minimum, stay steady. With that being said, we’re offering some advice for those first time homebuyers with not a ton saved up that would like to take advantage of the falling rates.
Buying a home for the first time can be an overwhelming process, and potentially quite intimidating. Don’t allow your assumptions to scare you away, as it’s entirely possible to make your dream of owning a home a reality. First thing’s first: start saving up for a down payment as soon as possible. This cannot be emphasized enough, as the more you can pay upfront, the less you will need to borrow and end up paying on interest. When it comes to saving, every bit, no matter how big or little, adds up. Even if that means just ten dollars a week, these contributions help you reach your end goal.
Another big thing you can do to reach your goal is to find where you can cut back. The less debt you go into the home-buying process with, the more comfortable you will feel with your decision to purchase and your monthly mortgage payments. All in all, having a good grasp on your finances and involving professionals early on will help you to get on the right track. Your mortgage consultant will be able to recommend a good realtor for you, along with advise you in what questions to ask them. Reach out to a mortgage consultant today to get your home-buying plan started!