Prepping in Your 20s for Buying Your First Home
As you near the final stages of your college years and begin to think about what your future might hold, one thing you may be wondering is how you're going to buy your first home. As surprising as it may seem, buying a home at the Lake of the Ozarks isn't always a simple process. Nor is getting financed for said home. As a younger person getting out into the real world and facing new challenges, homeownership can seem daunting. We're here to share with you some tips to prep you in your 20s for obtaining your first home.
Work on Improving Your Credit
Many younger buyers don't realize that they either don't have very good credit because of their spending habits while in college, or they simply don't have any reported credit. Neither will help you in the mortgage lending process. Review your credit report to get an idea of where you stand and what you need to do to get your credit back on track or started. If you've got high balances on credit cards or other revolving accounts, it's a good idea to work on getting those paid down as much as possible.
Start Saving for a Downpayment and Closing Costs
When you buy a home, it's not just clear cut and dry on the cost. The listing price is very rarely ever the actual final cost of the sale. You have closing costs, inspection fees, taxes, and more that will need to be covered. While, yes, a lot of these costs can be rolled into your mortgage, most mortgages will require some sort of a downpayment. That can range anywhere from 3.5%-20% depending on the type of loan.
Create a Budget for Future Homeownership Costs
Once the closing is finalized and keys are in your hands, the fun begins! But so does the endless incoming bills.... Property and real estate taxes, homeowners insurance, utilities, appliances and furnishings, maintenance upkeep costs, and of course your monthly mortgage payment are just a few charges you'll need to consider when budgeting your finances. It's important to figure out a budget before buying a home because you don't want to get in over your head and not be able to make your payments.
Consider ALL of Your Housing Options
While it would be ideal to purchase a move-in ready swanky new house, that's not always feasible when considering your actual budget. Don't overlook fixer-uppers. Homes that need a little love will pay off in the long run for a great return on your investment. Not to mention, there are lending opportunities out there specifically for buyers seeking fixer-upper properties!
Choose the Right Mortgage Lender
As one of the most experienced mortgage lenders at the Lake of the Ozarks, we can help you as a first time buyer with your mortgage needs. Whether it's just giving you some guidance on how you can improve your credit score, or actually obtaining a loan, we've got the knowledge and experience you need on your side to get the process going. Put our 20+ years of experience to work for you!
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
Work on Improving Your Credit
Many younger buyers don't realize that they either don't have very good credit because of their spending habits while in college, or they simply don't have any reported credit. Neither will help you in the mortgage lending process. Review your credit report to get an idea of where you stand and what you need to do to get your credit back on track or started. If you've got high balances on credit cards or other revolving accounts, it's a good idea to work on getting those paid down as much as possible.
Start Saving for a Downpayment and Closing Costs
When you buy a home, it's not just clear cut and dry on the cost. The listing price is very rarely ever the actual final cost of the sale. You have closing costs, inspection fees, taxes, and more that will need to be covered. While, yes, a lot of these costs can be rolled into your mortgage, most mortgages will require some sort of a downpayment. That can range anywhere from 3.5%-20% depending on the type of loan.
Create a Budget for Future Homeownership Costs
Once the closing is finalized and keys are in your hands, the fun begins! But so does the endless incoming bills.... Property and real estate taxes, homeowners insurance, utilities, appliances and furnishings, maintenance upkeep costs, and of course your monthly mortgage payment are just a few charges you'll need to consider when budgeting your finances. It's important to figure out a budget before buying a home because you don't want to get in over your head and not be able to make your payments.
While it would be ideal to purchase a move-in ready swanky new house, that's not always feasible when considering your actual budget. Don't overlook fixer-uppers. Homes that need a little love will pay off in the long run for a great return on your investment. Not to mention, there are lending opportunities out there specifically for buyers seeking fixer-upper properties!
Choose the Right Mortgage Lender
As one of the most experienced mortgage lenders at the Lake of the Ozarks, we can help you as a first time buyer with your mortgage needs. Whether it's just giving you some guidance on how you can improve your credit score, or actually obtaining a loan, we've got the knowledge and experience you need on your side to get the process going. Put our 20+ years of experience to work for you!
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
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