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5 Tips for Buying Your First Home
1. Start saving for a down payment early. Put aside monthly savings from your income to prepare for your upcoming purchase. The more you save for a down payment, the lower your mortgage will be.
2. Check your credit. Your credit score is one of the most important aspects to consider when purchasing a home because it helps determine your interest rate and possibly the loan terms.
3. Get preapproved. If you are preapproved for a loan it means a lender has reviewed your financial information and advised how much you can afford. Preapproval also helps you budget for the monthly payments.
4. Buy a home for tomorrow. Think about the future. Purchasing a home for your current needs is one thing, but you may be planning ahead for a family. A larger family may require a larger house.
5. Don’t forget – closing costs! Closing costs run between 2% and 5% of the purchase price. Shop around and compare prices for certain closing expenses, such as homeowners insurance, inspections, and title searches.
Our mortgage experts at U.S. Eagle are a great resource. We also have calculators at useagle.org to help determine your monthly payments. Whether you’re a first-time home buyer or a seasoned veteran, give us a call at 505-342-8957, and we’ll be happy to help you along the path to homeownership.