Tips for Buying Your FIRST HOME in 2021
Are you thinking that 2020 should be the LAST YEAR you have to rent for housing? If so, our mortgage company at the Lake of the Ozarks understands. First of all, it can be really tough to find a decent rent price in the Lake area sometimes. You may even find that you're paying about just as much money by choosing to buy a house around here. That being said, you should weigh both sides before making that decision and we can help! On that note, our mortgage lenders are here to give you a few tips for buying your first home in 2021, in this week's blog. If you would like to weigh your options and see about buying versus renting, please give us a call. MHQ - Mortgage Headquarters can be reached at (573) 302-9990.
Tips for Buying Your FIRST HOME in 2021
DON'T FORGET ABOUT FIXER-UPPERS!
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!
REMEMBER THAT YOUR CREDIT SCORE CAN MAKE A HUGE DIFFERENCE.
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.
KEEP IN MIND THAT MORE OF A DOWN PAYMENT YOU HAVE PREPARED THE BETTER.
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.
CLOSING COSTS SHOULD NEVER BE OVERLOOKED!
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.
Ready To Talk About Buying Your First Home in 2021?
We are here for you! We know how intimidating it may seem when you're buying your first home. Yes, there's a process, BUT we can walk you through EVERY step of the home loan process. We can answer any questions you may have and we want you to feel comfortable asking them. Give us a call today at the phone number listed below. Follow us on our social media channels listed below to stay up to date on our latest announcements.
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